Detroit’s StockX Gains Unicorn Status After $110M Series C Investment
Summary
Detroit-based e-commerce company StockX announced Wednesday that it has raised $110 million in a Series C funding round, increasing the company’s total value to more than $1 billion. “I have known the company and the management team since the beginning and have been impressed by its unique market model in e-commerce and dramatic growth,” Cutler said in a statement. (At inception, the company traded a variety of items but has since narrowed its focus to shoes, streetwear, handbags, collectibles, and watches. The company, formerly called Campless, was based in Philadelphia before relocating to Detroit in 2015 at the behest of investor and co-founder Dan Gilbert, chairman of Quicken Loans. StockX said it will use its new investment capital to further expand in Europe and Asia, diversity the product categories it trades in, and extend its offline reach with brick-and-mortar stores “in key international markets.” Sarah Schmid Stevenson is the editor of Xconomy Detroit/Ann Arbor.
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