GOAT Group valued at $3.7bn after raising $195m in Series F funding round
GOAT Group, the global platform for the "greatest products from the past, present and future", has raised $195m in a Series F funding round leading to a doubling in its value to $3.7bn.
The financing was led by Park West Asset Management, funds and accounts advised by T. Rowe Price Associates, Inc., Franklin Templeton, Adage Capital Management and Ulysses Management.
Founded in 2015 as a sneaker marketplace, GOAT has expanded into apparel and accessories from select emerging, contemporary and iconic brands. It boasts 30m members worldwide and 600,000 sellers.
The business has achieved strong growth in the past 12 months with Gross Merchandise Value (GMV) hitting $2bn and year-on-year GMV increase in sneakers is over 100%, while apparel is up 500%.
“GOAT’s growth is accelerating across every channel and category due to the powerful global technology platform we have developed and the premier customer experience we deliver, which resonates with younger consumers around the world,” said Eddy Lu, Co-Founder and Chief Executive Officer at GOAT Group.
“GOAT is creating a leading, highly differentiated luxury and lifestyle brand that is uniquely positioned at the intersection of the primary and resale markets, enabling us to increase our share of a large and expanding total addressable market in our core sneakers business and newer verticals,” Lu added.
The company will use the proceeds from the financing round to help further invest in growth in its sneaker business as well as its rapidly growing apparel and accessories verticals, and to increase its global footprint of 13 facilities with the addition of Chicago, China, Japan and Singapore.
“We are delighted to be investing in GOAT. We are excited by its distinct value proposition to customers,” said Tyras Bookman, Portfolio Manager at Park West Asset Management. “GOAT’s combination of premier e-commerce and brick-and-mortar assets, which include the iconic GOAT and Flight Club brands, enable it to engage its global community in unique ways and capture huge market opportunities across multiple lifestyle categories, while remaining authentic and true to its values.”
“GOAT’s founders and leadership team have a compelling vision, and we believe they have built a strong brand and platform with significant competitive advantages," added Jodi Love, Investment Analyst at T. Rowe Price. "We look forward to working with the company as they continue on their path to durable growth."