Friday Fundings: StockX, Bolt, and ClickUp
StockX Valuation Hits $2.8 Billion
In a recent $275 million funding round for StockX, the online shopping platform popular with sneaker collectors doubled its 2019 valuation to reach $2.8 billion. StockX has now raised a total of $490 million.
10 million shoppers browsed sneakers, streetwear, handbags, and electronics on StockX over Black Friday weekend. The platform feels somewhat like shopping on the stock exchange because customers can view data like the 52-week high and volatility for popular items.
StockX generates revenue by charging a percentage of each purchase made on the platform. The company was profitable for the first time in the third quarter of 2020.
Estonian Ride-Hailing Platform Bolt Raises $180 Million
Bolt, the European ride-hailing company that competes with the likes of Uber (UBER) and Lyft (LYFT), raised $182 million in its latest round of funding. The company will use the cash to ramp up safety measures on its platform, and will invest in facial recognition technology and artificial intelligence.
While not available in the United States, Bolt has more than 50 million users in over 40 countries across Europe and Africa. Like its American competitors, Bolt’s sales fell 75% when the coronavirus hit in March. However, food delivery service and scooter rentals have helped buoy the company through the pandemic. The new funding will help Bolt shore up its balance sheets.
ClickUp Raises $100 Million for Productivity Optimization
ClickUp, the productivity software company that has seen massive growth during the COVID-19 pandemic, raised $100 million in a Series B funding round. The investment brings the company’s valuation to $1 billion. Over the past several months, ClickUp’s user base has hit 2 million.
ClickUp will use the funding to continue scaling its team and product. While the company’s main focus is on building productivity software, it also aims to become a one-stop platform for email and other productivity solutions. This week, ClickUp launched revamped iOS and Android apps.
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