StockX is the latest — and certainly one of the most fashionable — in startups to join the unicorn club. The popular online apparel and sneakers marketplace completed a $110 million Series C funding round, valuing the company at over $1 billion, StockX said on Wednesday.
The milestone was announced along with the hire of StockX’s new CEO Scott Cutler, a veteran in the e-commerce exchange space. Cutler previously held executive positions at eBay ($EBAY), StubHub, and the New York Stock Exchange.
“Who knew that [StockX] would become literally one of the fastest growing technology companies ... and a really exciting, dynamic marketplace. I am here to be a part of it,” Cutler told Cheddar.
The company, which was dubbed the world’s first “Stock Market of Things,” was founded in Detroit in February 2016. The digital platform first brought together buyers and sellers of sneakers but has since expanded to watches, handbags, and streetwear.
Unlike eBay, StockX connects anonymous buyers and sellers of the same product in a single space, creating a peer-to-peer marketplace free of biases. The site includes a wide array of top brands including Nike, Adidas, and Supreme, as well as designer products from Gucci, Louis Vuitton, and Chanel, among several others.
“It is the method of how we connect buyers and sellers. All we are is a marketplace,”Josh Luber, StockX’s co-founder, told Cheddar, adding that the business is an evolution of eBay. “That is what creates the efficiency and growth.”
The latest funding round was the largest in Michigan’s venture capitalist history and was led by investment firms DST Global, General Atlantic, and GGV Capital, StockX said. The company has also received funding from several high profile investors such as Karlie Kloss, Steve Aoki, Eminem, Mark Wahlberg, and Marc Benioff.
"StockX has already seen incredible growth internationally but what we are most excited about is the opportunity to continue to scale the company globally and provide unprecedented access to consumer goods for users across the world,” Hans Tung, managing partner at GGV Capital, said in a statement. Tung also joined the company’s board of directors as part of the deal.
Luber told Cheddar that StockX’s top priorities for expansion are Europe and China. The company plans to invest in regional payment methods, additional language systems, and local customer support. StockX also plans to open a fifth product authentication center outside Amsterdam.
“We have the supply that basically everybody in the world wants but to be a global marketplace in 2019, you need a collection of local marketplaces,” Luber said.
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
