Overview
- Whatnot closed a $545 million Series G on Friday that values the live‑commerce platform at $20 billion and brings its total funding since 2019 to about $1.5 billion.
- The round was led by ICONIQ, Lightspeed and Avra, with participation from returning backers such as Andreessen Horowitz, CapitalG and DST Global and new investors including Kleiner Perkins and Wellington Management.
- Whatnot says it reached roughly $8 billion in gross merchandise value for 2025, surpassed $1 billion in revenue, and crossed one billion orders as it expanded from collectibles into hundreds of categories and multiple countries.
- Company statements and a press release say the new funds will be used to grow markets and build AI-powered seller tools such as smarter listings and deeper business insights that aim to help sellers reach more buyers.
- The platform faces scrutiny over gambling‑like spending by some buyers, and Whatnot says it bans raffles and other gambling-style activity and enforces seller controls, a topic that could shape future regulation and moderation work.