Mobile sneaker marketplace Goat receives $5M in funding

By

Obi Anyanwu

Published
Aug 30, 2016

Goat, the leading mobile sneaker marketplace, announced on Monday that it has secured $5 million in funding. The latest round was led by Matrix Partners and raises the company’s total funding to $12.6 million with other investors Andreessen Horowitz, First Round Capital, NEA, SV Angel and Y Combinator.

 
The Los Angeles-based mobile marketplace was co-founded by Eddy Lu in 2015. Since its launch, Goat gained over half a million users and averaged 40% month-over-month revenue growth with average order values in excess of $300. The company plans to put the new capital towards domestic and international growth and strategic hiring to expand the team.
 
"The sneaker community is very passionate, but has been left using outdated platforms for reselling," said Eddy Lu, co-founder and CEO of GOAT. "We've tapped into the market, offering a technologically advanced service they could use on the go. With the number of replicas flooding the sneaker market, our authentication service is becoming increasingly necessary.”

Goat vets all sellers and requires them to ship their sneakers to Goat’s warehouse once they sell, so they can be verified authentic.
 
In addition to the new capital, Goat announced that Josh Hannah, General Partner at Matrix Partners, will join Goat’s Board of Directors.