Whatnot raises $545 million Series G at $20 billion valuation

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Whatnot has closed a $545 million Series G funding round at a $20 billion valuation, nearly double the $11.5 billion valuation it held after its $225 million Series F last October. The round was led by ICONIQ, Lightspeed, and Avra, with new investors including Kleiner Perkins, Wellington Management, and Standard Capital, and returning backers such as Andreessen Horowitz, Bond, DST Global, Greycroft, Y Combinator, and Alphabet's CapitalG. Co-founder and CEO Grant LaFontaine said the capital will go toward seller tools, expanded use of AI in the selling experience, new market expansion, and growing buyer reach. The company said it has already eclipsed its full-year 2025 gross merchandise volume, with over 650,000 people signing up each week, and the number of sellers who have crossed $1 million in lifetime sales has more than doubled over the past year. Whatnot claims approximately 60% of the U.S. live commerce market, a segment valued at more than $22 billion, though rivals including eBay, Fanatics, and TikTok Shop Live are making inroads.

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Off-coverage companies 12

Andreessen HorowitzPrivate± Mixed
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Avra CapitalPrivate± Mixed
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Bond CapitalPrivate± Mixed
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CapitalGPrivate± Mixed
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DST GlobalPrivate± Mixed
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FanaticsPrivate± Mixed
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GreycroftPrivate± Mixed
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ICONIQPrivate± Mixed
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Kleiner PerkinsPrivate± Mixed
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Standard CapitalPrivate± Mixed
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Wellington Management CompanyPrivate± Mixed
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WhatnotPrivate± Mixed
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