US-based Whatnot, a live streaming platform and marketplace that enables collectors and enthusiasts to connect, buy and sell verified products, raised US$ 50M in Series B funding round.
Investors: The funding round was led by Anu Hariharan of Y Combinator Continuity Fund, and backed by Andreessen Horowitz, Animal Capital and a number of angels. The total funding raised by the company stands at US$ 74.7M.
I had written about Whatnot last year in December when the company had raised US$ 4M in seed funding. Over a short period of time, the company has seen tremendous growth. It had raised US$ 20M in a Series A round in March 2021.
About Whatnot
Founded in December 2019 by Grant LaFontaine, Gustavo Adolfo Costa Borges and Logan Head, Whatnot has built a live streaming platform that enables its community to connect and interact in real-time to buy and sell the hottest collectibles & items they want. While the first generation of online marketplaces created the opportunity for collectors and enthusiasts to transact with one another, these platforms are also plagued by fraudulent activity with few safeguards. Whatnot aims to rectify this by taking out the risk out of buying and selling items online.
Whatnot builds a peer-to-peer connection within existing communities, instead of focusing on the retailer-to-consumer relationship. While some sellers on Whatnot are small businesses, 90% of Whatnot sellers are enthusiasts who buy and sell their favourite items as a hobby or side-hustle.
While the startup offers the more standard product pages to give sellers a 24/7 presence on the site, the live streaming side of the platform has become the primary driver of its growth. According to the company, the live streaming platform is currently 95% of the focus, where most of their sales are happening.
In January 2021, Whatnot opened up the site to sports card sellers. It became a hit and immediately took over as the site’s best-selling category. This category now accounts for millions of dollars in sales each month, claims Whatnot.
What the founders have to say: “Logan and I have been buying and selling collectibles online since the early days of the internet, and while others might be surprised by the attention the category has received in the past year, we are tapping into a community we’ve always known was there. We’re thrilled that Whatnot has resonated with the collector and enthusiast communities and we’re excited to use these funds to continue to expand and grow the team.” — Whatnot co-founder and CEO Grant Lafontaine.
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