Detroit-based StockX, according a report in Recode, is about to be valued at $1 billion. That gives it “Unicorn” status as a startup.
DST Global, the late-stage venture firm run by Russian-American billionaire Yuri Milner, is expected to lead the deal, according to people familiar with the matter. It will be the latest bet by the firm on an e-commerce startup after backing companies like DoorDash, Wish, and Faire.Recode
StockX is a stock market of things. It links up buyers and sellers of sneakers and other in-demand consumer goods like watches, streetwear and handbags. They then take a fee off the top. There’s also an in-house authentication process to fight frauds. They do more than $2 million in gross sales a day.
The company isn’t profitable yet but it has high-profile investors like Eminem, Mark Wahlberg and of course, co-founder Dan Gilbert. The offices of StockX are right across from Dan’s.
It was founded in 2016.
The CEO and other co-founder of StockX, Josh Luber, was recently featured on Gilbert’s podcast, “The Speed of the Game.”
The first Michigan “Unicorn” tech company was Duo Security. Soon after achieving that status, they were bought by Cisco.