LOS ANGELES, June 22, 2017 /PRNewswire/ -- GOAT, the leading sneaker marketplace, announced Adam Bain has joined its Board of Directors today. The former COO of Twitter joins Ryan Sweeney of Accel, Josh Hannah of Matrix Partners, Greg Bettinelli of Upfront Ventures and GOAT's co-founders Eddy Lu and Daishin Sugano on the Board. The company recently closed on a $25M funding round led by Accel, bringing the total venture funding raised to $37.6M.
Pioneering the "ship-to-verify" marketplace model, GOAT takes no risk in holding inventory. Instead, sellers list on the app and only ship to the company once their sneakers have sold. The sneakers are then verified by trained specialists to ensure they are authentic and as described, protecting both buyers and sellers in the process. With this model, the company has helped to eliminate thousands of counterfeit products from the multi-billion dollar sneaker resale market.
Since launching its app in July 2015, over 2 million members have joined the service with average order values exceeding $350 USD. In 2016, the company's top seller sold over $850,000 worth of sneakers. This year, multiple sellers have individually exceeded $1M in sales and are each projected to top $2M by year end.
"As we look to expand operations on the East Coast and eventually internationally, we needed someone like Adam Bain," says Eddy Lu, co-founder and CEO of GOAT. "Adam helped scale Twitter into a massive public company and is credited with building its multi-billion dollar advertising business. He brings a great deal of operations experience and we're thrilled to have him join our board."
"Not only did I want to gain exposure to marketplaces, I wanted to align myself with a market built around passion, which is exactly what GOAT embodies," says Adam Bain, who discovered the company organically and started out as a customer. "I'm grateful for the opportunity to bring my operations expertise to grow GOAT's global business and I'm excited about the future of the company."
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.
SOURCE GOAT Group