Whatnot, the fast-growing live shopping marketplace, has raised $225 million in Series F funding, valuing the company at $11.5 billion. The new round will fuel its expansion across the United States, United Kingdom, and Europe, as it continues to merge entertainment, community, and commerce into one platform.
Announcing the raise in a LinkedIn post on Oct. 28, Whatnot said the funding reinforces its mission to make shopping “more personal, more connected, and more human.” The company added that its model has already generated over $6 billion in live sales in 2025, driven by a growing base of passionate sellers and collectors.
“We’re building Whatnot to help small business owners and entrepreneurs grow what they love into something bigger,” the company said in its statement.
The latest round was co-led by DST Global and CapitalG, Alphabet’s independent growth fund. CapitalG noted that this marks its third co-led investment in Whatnot, following its participation in the Series C (2021) and Series D (2022) rounds — a strong vote of confidence in the platform’s trajectory.
Overview of Whatnot’s Series F Funding Round
| Details | Information |
|---|---|
| Funding Round | Series F |
| Amount Raised | $225 million |
| Valuation | $11.5 billion |
| Lead Investors | DST Global, CapitalG (Alphabet’s growth fund) |
| Previous Round (Jan 2025) | $265 million Series E at $4.97 billion valuation |
| Total Live Sales in 2025 | $6 billion+ |
| Primary Markets | U.S., U.K., and Europe |
Whatnot’s Unique Approach: Live Shopping Meets Community
Whatnot has carved a niche in the live shopping market by focusing on enthusiast communities — collectors, hobbyists, and fans — who connect over shared passions. Its sellers host live auctions, flash sales, and interactive shows featuring everything from sports cards, sneakers, and vintage fashion to coins, toys, and Pokémon collectibles.
The platform’s blend of entertainment and commerce offers a distinctive shopping experience that appeals to a generation seeking authenticity, engagement, and connection rather than transactional retail.
“The transition to e-commerce made shopping efficient but less personal and significantly less fun,” said CapitalG in its statement. “Whatnot has brought the joy of the hunt online, blending storefront, show, and community hangout into one platform.”
Empowering Entrepreneurs and Collectors
Beyond creating a dynamic space for consumers, Whatnot’s platform is empowering hundreds of thousands of small business owners and independent sellers to monetize their passions. Sellers can build loyal audiences, host personalized live shows, and run auctions directly from their smartphones.
CEO and co-founder Grant LaFontaine emphasized that the company’s mission is about democratizing retail entrepreneurship through live streaming.
“We believe there’s a better way to shop online,” LaFontaine said. “It starts with creating a platform where sellers can grow thriving businesses around the things they care about most.”
That focus on niche communities has made Whatnot a leader in the social commerce space, transforming collectors’ hobbies into sustainable businesses.
The Evolution of Live Shopping and Whatnot’s Position
Whatnot’s rapid growth comes as livestream shopping continues to reshape eCommerce. Globally, live commerce has become a multibillion-dollar industry, blending real-time interaction with online purchasing to create a more social, engaging experience.
While the model gained traction in Asia, platforms like Whatnot are pioneering its mainstream adoption in the West. In January 2025, the company raised $265 million in a Series E round, which valued it at just under $5 billion. Less than a year later, its valuation has more than doubled, reflecting strong growth in both user engagement and gross merchandise volume (GMV).
Industry analysts see Whatnot as part of a broader retail trend that merges content creation, influencer engagement, and eCommerce, redefining how consumers discover and buy products.
Key Features of Whatnot’s Platform
| Feature | Description |
|---|---|
| Live Auctions & Flash Sales | Sellers host real-time product auctions for collectors and enthusiasts. |
| Category Diversity | 250+ categories including sneakers, fashion, coins, sports cards, and more. |
| Community Engagement | Chat features and giveaways turn live streams into interactive events. |
| Entrepreneur Tools | Integrated tools for shipping, analytics, and audience growth. |
| Cross-Market Expansion | Operates across the U.S., U.K., and expanding in Europe. |
CapitalG and DST Global: Long-Term Backers
CapitalG’s continued participation underscores its confidence in Whatnot’s long-term potential. The firm noted that Whatnot’s ability to merge passion, technology, and entrepreneurship positions it to become “one of the world’s iconic marketplaces.”
DST Global’s involvement also signals growing institutional confidence in the creator-driven commerce model, where communities — rather than brands — define the next generation of shopping.
“We have more conviction than ever in Whatnot’s trajectory,” CapitalG said in its LinkedIn post. “Whatnot’s focus on enthusiast communities has created a vibrant marketplace for collectors and small business owners alike.”
Why It Matters: The Humanization of E-Commerce
Whatnot’s model represents a countertrend to the impersonal nature of traditional online shopping. By integrating community, conversation, and real-time interaction, the platform reintroduces the excitement and connection once found in physical retail — while retaining the accessibility of eCommerce.
Analysts believe Whatnot’s success reflects a broader consumer desire for “humanized commerce” — where shopping feels social, authentic, and emotionally engaging.
As live shopping continues to evolve, Whatnot’s focus on empowering entrepreneurs and connecting passionate communities could position it as a cornerstone of the next retail revolution.
FAQs
How much funding did Whatnot raise in 2025?
Whatnot raised $225 million in a Series F round, following a $265 million Series E earlier in the year.
What is Whatnot’s current valuation?
The company is now valued at $11.5 billion, more than double its valuation from January 2025.
Who led the funding round?
The round was co-led by DST Global and CapitalG, Alphabet’s independent growth fund.
What makes Whatnot different from other eCommerce platforms?
Whatnot combines live entertainment and social interaction with eCommerce, allowing buyers and sellers to connect in real time through live auctions and shows.
How does Whatnot support small businesses?
The platform helps small business owners and collectors build communities, sell products, and grow sustainable enterprises through livestreaming and marketplace tools.