Whatnot raises $545 million in a summer funding round

Live commerce platform Whatnot closed a fresh $545 million funding round in early August, lifting its valuation to $20 billion. Hot on the heels of its previous $265 million round, the US company- active across Europe and the UK- plans to invest heavily in artificial intelligence and press ahead with international expansion to support seller growth.

Led by ICONIQ, Lightspeed and Avra, the round brought in new investors including Kleiner Perkins, Wellington Management, Robinhood Ventures Fund I, S32 and Standard Capital. They join the company’s long-standing backers. Founded in 2019, Whatnot counts CapitalG, Y Combinator, Durable Capital Partners, Alkeon, Andreessen Horowitz, Greycroft, BOND, and DST among its investors. Since launch, the company has raised around $1.5 billion to fund its growth.

The company will allocate part of the new capital to AI-driven solutions aimed at automating administrative tasks, generating smarter adverts and providing merchants with deeper business analytics. Bolstering transaction security is also planned for this next phase of development.

“Small businesses were the first to adopt live commerce on Whatnot, showing what was possible,” says Grant LaFontaine, co-founder and CEO of Whatnot. “Today, businesses of all sizes are making live commerce a cornerstone of their operations. Our role is to help every seller grow. This investment enables us to develop better tools, integrate AI into more aspects of the selling experience, help sellers reach more buyers, expand into new markets, and continue to build the world’s largest and most reliable marketplace.”

By the mid-point of the 2026 financial year, the platform’s gross merchandise volume is already on track to exceed the total for the entire previous year, passing the $8 billion threshold, according to management. The company also notes a widening mix of merchants on the network, which now attracts major international retailers and brands beyond the small businesses that led the way. Each week, the platform draws more than 650,000 new sign-ups, further expanding the pool of potential customers for sellers.

With a range spanning fashion, electronics and collectables, Whatnot says the French market stands out in particular, posting the fastest growth in Europe and recording a 427% surge in GMV within a year.

The number of active buyers is also said to have more than doubled over the same period. Among professionals, the share of full-time sellers has risen by 25%, and the number surpassing $1 million in cumulative sales has doubled in 12 months.