Whatnot Lands $225M Series F, More Than Doubles Valuation to $11.5B Since January

October 28, 2025

Illustration of IP shopping. [Dom Guzman]

Mary Ann Azevedo

, a live shopping platform and marketplace, has closed a $225 million Series F round, more than doubling its valuation to $11.5 billion in less than 10 months.

and co-led the financing, which brings the Los Angeles-based company鈥檚 total raised to about $968 million since its 2019 inception. Whatnot had raised $265 million in a at a nearly $5 billion valuation in January.

New investors and participated in the Series F, alongside returning backers , , and . Other investors include, and.

As part of the latest financing, Whatnot says it will initiate a tender offer where select current investors will buy up to $126 million worth of shares.

Funding to e-commerce startups globally so far this year totals $7.1 billion, per 附近上门 . That compares to $11.3 billion raised by e-commerce startups globally in all of 2024. This year鈥檚 numbers are also down significantly from post-pandemic funding totals, which surged to $93 billion in 2021.

鈥楻etail鈥檚 new normal鈥�

Live commerce is the combination of livestreaming and online shopping. , co-founder and CEO of Whatnot, said in an announcement that his startup is 鈥減roving that live shopping is retail鈥檚 new normal.鈥�

Whatnot co-founders Logan Head and Grant LaFontaine. Courtesy photo.

The company says more than $6 billion worth of items have been sold on its platform in 2025 so far, more than twice its total for all of 2024. Its app facilitates the buying and selling of collectibles like trading cards and toys through live video auctions. It also offers items such as clothing and sneakers. It competes with the likes of , which also has a livestreaming option called eBay Live. It鈥檚 also a competitor to Shop.

鈥淲hatnot brought the live shopping wave to the US, the UK, and Europe and has turned it into one of the fastest growing marketplaces of all time, , Whatnot board member and managing partner at , 鈥檚 independent growth fund, said in a release.

The company plans to use its new funds to invest in its platform, roll out new features and 鈥渆volve鈥� its policies. It is also accelerating its international expansion, adding to its current 900-person workforce by hiring across multiple departments.

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