Whatnot's Next Funding Round Could Cement It as a $20 Billion Startup

Livestream shopping platform Whatnot is in talks to raise fresh capital at a roughly $20 billion valuation, a deal that would nearly double the company’s last private valuation.

The fundraising discussions are ongoing, and the terms could still change, sources told Business Insider.

Founded in Los Angeles in 2019, Whatnot operates a livestream marketplace where sellers auction and list products in real time. The platform focuses on collectibles and enthusiast categories—including sneakers, sports cards, apparel, vinyl records and luxury goods—and generates revenue by taking a percentage of each transaction.

The potential valuation marks a significant jump from the $11.5 billion price tag assigned during Whatnot’s Series F financing in October 2025, which brought the company’s total funding to approximately $968 million.  

The financing round was co-led by DST Global and CapitalG, with participation from Andreessen Horowitz, Sequoia Capital, and Lightspeed Venture Partners. At the time, co-founder and CEO Grant LaFontaine said the industry had moved beyond debating whether livestream shopping would succeed, arguing that “live shopping is retail’s new normal.”

The company generated roughly $8 billion in live sales last year. In October 2025, Whatnot said its gross merchandise value had already surpassed $6 billion for the year, more than doubling the $3 billion GMV it reported for 2024.

A successful funding round would underscore continued investor confidence in livestream commerce, even as competition intensifies. While the format has become a dominant retail channel in China through platforms such as Taobao Live, adoption in the U.S. is still developing. 

At the same time, rivals including TikTok Shop, Amazon Live, and eBay Live are investing more heavily in creator-led and livestream shopping, raising the stakes for the sector’s fastest-growing players.

Earlier this year, Whatnot faced allegations tied to an illegal gambling operation and violation of the RICO Act, when it allowed sellers to conduct randomized box breaks and randomized repack breaks, sealed packages of collectable items, on its platform.

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