Whatnot, the live shopping platform, has secured a $20 billion valuation after closing its latest funding round—up from $11.5 billion less than a year ago—as live commerce gains traction in Western markets.
Iconiq, Lightspeed and Avra led the $545 million Series G, with participation from previous backers including Andreessen Horowitz, Greycroft and Y Combinator.
The company's gross merchandise volume has already surpassed $8 billion this year, exceeding its full-year total for the previous year. Buyer count has more than doubled over the past 12 months, with more than 650,000 new users joining weekly.
Grant LaFontaine, Whatnot co-founder and CEO, said the new capital will fund seller tools, artificial intelligence integration into the selling experience, expanded seller reach and entry into new markets.
The Los Angeles-based startup operates in North America and Europe, hosting livestreamed sales across fashion, sneakers, sports cards and vinyl records, taking a cut of each transaction. It has raised approximately $1.5 billion since its founding in 2019. Its prior rounds include a $225 million Series F in Oct. 2025 at an $11.5 billion valuation, led by DST Global and CapitalG, and a $265 million Series E in Jan. 2025 at a nearly $5 billion valuation.
Whatnot said it commands roughly 60 percent of a live commerce market it values at more than $22 billion—a model drawn from China's dominant live shopping industry, which includes platforms such as Taobao.
The valuation jump illustrates continued investor appetite for consumer startups with strong revenue and user growth, even as capital has flowed heavily toward AI infrastructure and foundation models.
Competition is intensifying. eBay, Fanatics and TikTok Shop Live are all competing for market share in live commerce.
