This Whatnot company profile covers the company's valuation, revenue, funding rounds, investors and history. Whatnot works in e-commerce, with a focus on live shopping marketplace. It was founded in 2019 and is headquartered in Los Angeles, California, United States. Its latest valuation on record is US$20 billion (August 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Gross merchandise value | About US$8 billion of live sales in 2025; first-half 2026 GMV exceeded the full-year 2025 figure | August 2026 | CNBC |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Aug 2026 | Series G | US$545M | US$20B | ICONIQ, Lightspeed and Avra (leads); Kleiner Perkins, Wellington Management | Quartz |
| Oct 2025 | Series F | US$225M | US$11.5B | DST Global and CapitalG (leads) | CNBC |
| Jan 2025 | Series E | US$265M | About US$5B | See source | CNBC |
Whatnot timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2019 — Whatnot is founded in Los Angeles by Grant LaFontaine (CEO) and Logan Head.
- Jan 2025 — Series E: US$265M, valuing the company at About US$5B.
- Oct 2025 — Series F: US$225M, valuing the company at US$11.5B. Investors: DST Global and CapitalG (leads).
- Aug 2026 — Series G: US$545M, valuing the company at US$20B. Investors: ICONIQ, Lightspeed and Avra (leads); Kleiner Perkins, Wellington Management.
- August 2026 — Gross merchandise value: About US$8 billion of live sales in 2025; first-half 2026 GMV exceeded the full-year 2025 figure.
Investors
Overview
Whatnot is a live shopping marketplace. Sellers host live video streams in which they show items, talk to viewers and run fast auctions; buyers watch, chat and bid in real time. It started with collectibles such as trading cards, sports cards and Funko Pop figures, and has expanded into fashion, sneakers, vintage clothing, beauty, electronics, books, antiques and much more. For many buyers it feels closer to entertainment than ordinary online shopping.
Grant LaFontaine, the CEO, and Logan Head founded Whatnot in 2019. LaFontaine had worked at Google and Wish, and Head at GOAT, the sneaker resale marketplace. Whatnot went through Y Combinator and grew quickly during the pandemic collectibles boom. It is based in Los Angeles, with teams in other US cities and abroad.
How live shopping works on Whatnot
A seller schedules a show and promotes it to followers. During the stream, they present items one by one; each item can be auctioned in seconds or sold at a fixed price. Buyers pay through Whatnot, which handles payments, shipping labels and buyer protection. Sellers build loyal audiences who return for regular shows, and some full-time sellers earn substantial incomes. The format works especially well for unique or collectible items, where seeing the item live and the excitement of the auction matter.
Business model
Whatnot earns a commission on each sale, plus payment processing fees. It has added tools for sellers, promotional features and advertising. Its revenue is a fraction of the total value of goods sold, known as gross merchandise value (GMV). Whatnot doesn't publish revenue, so we show it as not disclosed and report GMV instead.
Growth
Whatnot said its sellers generated about US$8 billion in GMV from live sales in 2025, and that GMV in the first half of 2026 alone exceeded that full-year total. The company says live shopping in its markets is worth more than US$22 billion and that it holds about 60% of that market. Those are company-reported figures. Growth has come from expanding categories, international markets including the UK, Europe and Australia, and the growing popularity of live commerce in the US, long a hit in China.
Funding
- January 2025, Series E: US$265 million at about a US$5 billion valuation.
- October 2025, Series F: US$225 million at US$11.5 billion, led by DST Global and CapitalG.
- August 2026, Series G: US$545 million at US$20 billion, led by ICONIQ, Lightspeed and Avra, with Kleiner Perkins and Wellington Management joining as new investors.
Whatnot has raised about US$1.5 billion since 2019. Its valuation quadrupled in roughly 18 months.
Competition
Whatnot competes with TikTok Shop's live shopping, eBay (which has its own live features and bought collectibles businesses), Fanatics in sports collectibles, Amazon Live, Instagram and YouTube shopping, and specialist marketplaces. Its advantages are its focus on live auctions, a strong community of professional sellers and its share of collectibles. TikTok's huge audience is its biggest threat, along with uncertainty about TikTok's own future in the US, which affects the whole market.
Whatnot at a glance
Whatnot is a Los Angeles live shopping marketplace founded in 2019 by Grant LaFontaine and Logan Head. It reported about US$8 billion in GMV for 2025 and said first-half 2026 GMV exceeded that. It raised US$265 million at about US$5 billion in January 2025, US$225 million at US$11.5 billion in October 2025 and US$545 million at US$20 billion in August 2026.
Why live commerce is catching on in the West
In China, live-stream shopping became a huge industry years ago, with influencers selling billions of dollars of goods. Western markets were slower, partly because e-commerce habits were already established. Several things have changed: younger shoppers are used to buying through social media; sellers can build personal followings; and collectible and resale categories benefit from seeing items live and the social excitement of auctions. Whatnot found its niche in categories where these advantages are strongest, then expanded outward.
Risks
- Category dependence: trading cards and collectibles can be cyclical, with booms and busts in prices and interest.
- Trust and safety: counterfeits, misrepresented items and disputes need constant attention.
- Competition: large social platforms can subsidise live shopping heavily.
- Seller concentration: a small number of large sellers can account for a big share of sales.
For sellers considering live shopping
- Do your products benefit from being shown live, such as unique, collectible or vintage items?
- Can you commit to regular shows to build an audience?
- How do total fees compare with other marketplaces after shipping and payment costs?
How sellers make a living on Whatnot
Successful Whatnot sellers treat their streams like a show. They schedule regular broadcasts, build personalities their viewers enjoy, and source inventory carefully, for example buying sealed card boxes and opening them live, or curating vintage clothing. Many start part-time and grow into full-time businesses with employees. Whatnot supports them with seller tools, analytics and promotion, because the marketplace depends on a steady supply of engaging shows. For the platform, keeping top sellers happy and loyal is as important as attracting buyers, and it competes with other platforms to recruit and keep the best-known and most popular hosts. Seller loyalty is one of its most valuable assets.
Next developments
Watch GMV growth, international expansion, new categories, the evolution of TikTok Shop, any revenue or profitability disclosures and IPO preparation.
Lessons by audience
Retailers and brands can test live shopping as a new channel, especially for limited releases. Founders can learn from Whatnot's strategy of dominating a niche before expanding. Investors should compare the valuation with GMV and take rate, and watch competition from social platforms.
Latest developments (October 2026)
Whatnot raised US$545 million in a Series G at a US$20 billion valuation in August 2026, led by ICONIQ, Lightspeed and Avra, according to Value Added Resource. The live shopping company said gross merchandise value in the first half of 2026 exceeded its total for 2025, about US$8 billion, and E-Commerce Nation reported it expects to pass US$1 billion of revenue this year. See our decacorn guide.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Whatnot do?
Whatnot is a e-commerce / live shopping marketplace company headquartered in Los Angeles, California, United States. It was founded in 2019.
What is Whatnot's valuation?
Whatnot was valued at US$20 billion as of August 2026, according to CNBC. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Whatnot make?
Whatnot is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Whatnot's latest funding round?
The most recent financing we have verified is a series g in Aug 2026: US$545M, at a valuation of US$20B. Source: Quartz.
Who are Whatnot's investors?
Investors named in public announcements include ICONIQ, Lightspeed Venture Partners, Avra, Kleiner Perkins, Wellington Management, DST Global, CapitalG, Andreessen Horowitz and Y Combinator.
Who founded Whatnot?
Whatnot was founded in 2019 by Grant LaFontaine (CEO) and Logan Head.
Is Whatnot a public company?
No. Whatnot is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Whatnot headquartered?
Whatnot is headquartered in Los Angeles, California, United States.