StockX, the American online market for sneakers, raised $195 million in a secondary tender offering by some of its employees’ shares and an additional $60 million in Series E-1 primary shares at a $3.8 billion valuation. Altimeter Capital led the all-cash offer, with the participation of existing investors and of a new institutional investor, the Dragoneer Investment Group, which has also invested in Peloton, Tonal and other start-ups.

The new valuation represents a 35 percent increase over the $2.8 billion appraisal given to the company in a previous $275 million Series E funding round closed in December 2020.

The result of the new fund-raising round “signals the broad recognition and excitement for the long-term value of StockX’s business as well as a growing appreciation for marketplace experiences,” said the company’s CEO, Scott Cutler, adding that it is ”just scratching the surface of what StockX can deliver for the millions of global buyers and sellers who count on the platform for a wide range of authentic current culture products.”

As we already reported, the gross merchandise value (GMV) generated on StockX’ marketplace grew to $1.8 billion in 2020 from about $1.0 billion in 2019, after more than 200 million visits to its website from 200 countries and territories. They led to a growth of more than 90 percent in the number of buyers. The business resulted in reported revenues of over $400 million last year, allowing the company to achieve break-even results in the second half.

Founded in 2016, the Detroit-based company employs more than 1,000 people in 13 offices and authentication centers around the world.