Whatnot

E-Commerce · Live Shopping · Marketplace

Funding

Whatnot raises $545M Series G at $20B valuation

The raise defies a venture market fixated on AI labs, betting instead on live-streamed selling scaling like a mainstream retail channel.

• Whatnot closed a $545 million Series G led by ICONIQ, Lightspeed, and Avra at a $20 billion valuation, nearly doubling its $11.5 billion valuation from an October 2025 Series F.
• Whatnot is a livestream shopping marketplace founded in 2019 where sellers auction and sell items in real time, from collectibles and trading cards to fashion and electronics.
• New backers Kleiner Perkins, Wellington Management, and Standard Capital (founded by ex-Y Combinator partner Dalton Caldwell) joined returning investors Andreessen Horowitz, DST Global, and CapitalG.
• Whatnot generated $8 billion in gross merchandise value in 2025, crossed $1 billion in revenue, and surpassed one billion cumulative orders in August 2026.
• The platform now adds more than 650,000 new users weekly, and the number of sellers who've crossed $1 million in lifetime sales has more than doubled in the past year.
• Whatnot's total funding now stands near $1.5 billion, up from a $150 million Series C at a $1.5 billion valuation in 2021 — a more than 13x jump in five years.
• The mega-round shows consumer commerce startups can still command outsized valuations even as venture capital concentrates heavily on AI infrastructure and labs.