LOS ANGELES, June 24, 2021 /PRNewswire/ -- GOAT Group (GOAT), the global platform for the greatest products from the past, present and future, has closed a Series F funding round of $195 million, reaching a valuation of $3.7 billion, more than double its prior valuation of $1.8 billion following its Series E round announced in September 2020. The financing 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.
GOAT's business has continued to deliver strong performance with rapid growth in multiple categories, achieving Gross Merchandise Value of $2 billion in the last 12 months and year-over-year GMV increase in sneakers over 100%, as well as year-over-year GMV increase in apparel of 500%.
"GOAT's growth is accelerating across every channel and category due to the powerful global technology platform we have developed and the premier customer experience we deliver, which resonates with younger consumers around the world," said Eddy Lu, Co-Founder and Chief Executive Officer at GOAT Group. "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 addressable market in our core sneakers business and newer verticals." added Mr. Lu.
"We are delighted to be investing in GOAT. We are excited by its distinct value proposition to customers," said Tyras Bookman, Portfolio Manager at Park West Asset Management. "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." added Mr. Bookman.
"GOAT's founders and leadership team have a compelling vision, and we believe they have built a strong brand and platform with significant competitive advantages," said Jodi Love, Investment Analyst at T. Rowe Price. "We look forward to working with the company as they continue on their path to durable growth."
GOAT will use the proceeds from the financing round to help further invest in growth in its sneaker business as well as its rapidly growing apparel and accessories verticals, and to increase its global footprint of 13 facilities with the addition of Chicago, China, Japan and Singapore. The company will also continue its focus on providing a trusted end-to-end experience to its 30 million members and 600,000 sellers by making additional, significant investments in its technology and brand.
About GOAT GroupGOAT is the global platform for the greatest products from the past, present and future. Since its founding in 2015, GOAT has become the leading and most trusted sneaker marketplace in the world, and has expanded to offer apparel and accessories from select emerging, contemporary and iconic brands. Through its unique positioning between the primary and resale markets, the company offers styles across various time periods on its digital platforms and in its retail locations, while delivering products to over 30 million members across 170 countries.
About Park West Asset ManagementPark West Asset Management is an investment management firm headquartered in Larkspur, CA. Founded in 2002, it invests in public and private companies, primarily in technology, consumer and healthcare.
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SOURCE GOAT Group