Goat Group reaches $3.7 billion valuation following new funding round

By

Robin Driver

Published
Jun 25, 2021

LA-based digital-first fashion marketplace Goat Group has announced that it has closed a $195 million Series F funding round, more than doubling its valuation from $1.8 billion to $3.7 billion as the company sets its sights on further international expansion.

 
According to Goat, it will use the proceeds from its latest financing round to further invest in the growth of its sneaker business, as well as in that of its fast-growing apparel and accessories verticals. The company is also planning to increase its global footprint – currently made up of 13 facilities – by adding new locations in Chicago, Japan and Singapore, and will be making “significant investments” in its technological capabilities.
 
The funding round 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.

Previous investors in Goat include Groupe Artemis, the holding company founded by Kering CEO François-Henri Pinault, which made a strategic investment in the company in January of this year. Prior to this, the company closed on a $100 million Series E funding round led by D1 Capital Partners in September 2020.
 
“We are delighted to be investing in Goat. We are excited by its distinct value proposition to
customers,” said Park West Asset Management’s portfolio manager, Tyras Bookman, in a release. “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.”
 
Founded as a sneaker marketplace in 2015, Goat has been experiencing rapid growth and achieved gross merchandise value (GMV) of $2 billion in the last 12 months. GMV in the company’s sneakers business increased 100% year over year in the period, while its apparel segment, launched in 2019, posted a 500% rise.
 
“Goat’s growth is accelerating across every channel and category,” commented Goat co-founder and CEO Eddy Lu. “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 addresssable market in our core sneakers business and newer verticals.”
 
The group’s platform currently boasts 30 million members and 600,000 sellers.