LOS ANGELES, Feb. 7, 2017 /PRNewswire/ -- GOAT, the leading sneaker marketplace on mobile, announced $25M in funding led by Accel, with participation from existing investors Matrix Partners, Upfront Ventures and Webb Investment Network. Also announced today, Ryan Sweeney of Accel will join GOAT's Board of Directors. The company has raised a total of $37.6M in venture funding to date.
Pioneering the "ship-to-verify" marketplace model, GOAT takes no risk in holding inventory. Instead, sellers list on the mobile app and only ship to the company for verification of authenticity once their sneakers sell. With this model, the company has helped to eliminate thousands of counterfeit products from the multi-billion dollar sneaker resale market, protecting both buyers and sellers.
Since its $5M round led by Matrix Partners in the spring of 2016, the company has grown to 1.5M members and increased monthly GMV 10x with average order values surpassing $330 USD.
"While we weren't looking to raise another round, we were excited about the opportunity to work with Ryan and Accel." says Eddy Lu, co-founder and CEO of GOAT. "Ryan is an exceptional investor with a very successful track record. He's also a sneaker enthusiast, so he understands our market well. With Accel as well as our other top tier investors, we not only have the capital, but the guidance to strategically expand our business."
The new funding will be used to accelerate the company's domestic and international growth. To support this growth, GOAT plans to further expand its team in Los Angeles with key hires in engineering, operations, product and marketing. The company also plans to open additional facilities to improve operations and logistics.
"We have been tracking GOAT for a long time. It is hard to build both sides of the marketplace simultaneously, yet GOAT has scaled both buyers and sellers at a remarkable rate. This is a testament to the company's focus on the sneaker vertical and its passionate users," said Ryan Sweeney. "We're thrilled to partner with the team and help them better serve their customers going forward."
Founded in 2015 and based in Los Angeles, California, GOAT is the safest way to buy and sell authentic sneakers through your mobile device. Whether you're looking to buy rare sneakers, discover new sneaker releases, or earn money by listing sneakers you already own, GOAT is your destination. And with an authentication service, buyer protection guarantee and great customer service, it's the safest option in the industry. For more information about GOAT, please visit www.goat.com. The app is available to download on the App Store and Google Play for free.
ABOUT ACCEL PARTNERS
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Braintree, Cloudera, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, Jet, Lookout Security, Qualtrics, Slack, Spotify, Supercell, and Vox Media are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn't have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.
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