StockX, the American online market for sneakers, raised $195 million in a secondary tender offering and an additional $60 million in Series E-1 primary shares at a $3.8 billion valuation. Altimeter Capital led the all-cash offer, with the participation of existing investors and of a new institutional investor, Dragoneer.

The new valuation represents a 35 percent increase over the $2.8 billion appraisal following the company’s $275 million Series E funding round closed in December 2020.

The result of the fund raising “signals the broad recognition and excitement for the long-term value of StockX’s business as well as a growing appreciation for marketplace experiences,” said the company’s CEO, Scott Cutler.

”We are just scratching the surface of what StockX can deliver for the millions of global buyers and sellers who count on the platform for a wide range of authentic current culture products,” he added.

For the year ended Dec. 31, StockX closed more than 7.5 million trades and hit $1.8 billion in gross merchandise value, which resulted in reported revenues of over $400 million. It also achieved break-even in the second half of 2020 and served more than 200 million visitors across 200 countries and territories.

Founded in 2016, the Detroit-based company employs more than 1,000 people in 13 offices and authentication centers around the world.