Whatnot Raises $225M Series F, Valuation Surpasses $11.5B

Whatnot, a leading livestream shopping platform, has secured $225 million in Series F funding, doubling its valuation to $11.5 billion and bringing total funding to nearly $1 billion since its 2019 founding. The platform's Gross Merchandise Value for 2025 has surpassed $6 billion, more than double its 2024 total, driven by strong growth in categories such as fashion, which is poised to become its largest segment. Whatnot operates a two-sided marketplace combining live video streaming with interactive commerce, generating revenue primarily through an 8% commission on U.S. sales and additional advertising products. The company boasts high customer retention, with over 80% month-over-month, and sees users spending around 80 minutes daily on the app. With the new capital, Whatnot plans to accelerate international expansion and scale its engineering, talent acquisition, marketing, and sales functions, reinforcing investor confidence in livestream commerce as a retail trend. It competes with platforms like TikTok Shop and eBay, aiming to build the most trusted marketplace with continuous platform enhancements and policy evolution.