(Reuters) – StockX said on Wednesday it raised $275 million in a funding round led by investment firm Tiger Global Management, valuing the e-commerce startup at $2.8 billion.
The Series E round, which brings the total raised funds to $490 million, also saw participation from investors Altimeter Capital, Sands Capital and Whale Rock Capital Management.
StockX, which sells products including sneakers and apparels on its live marketplace, said it would use the money raised for expanding its product category as well as to enter new markets.
Founded in 2016, StockX is capitalizing on a trend for brands like Nike and Adidas to release limited number of high-end sneakers, which are then resold as collectors’ items at much higher prices than in the store.
(Reporting by Chavi Mehta in Bengaluru; Editing by Maju Samuel)