Whatnot, the Los Angeles livestream shopping marketplace, is in talks to raise a new funding round at a valuation of roughly $20 billion, Business Insider reported, citing people familiar with the matter. The figure would nearly double the $11.5 billion valuation the company reached in its Series F round in October 2025.

The round is still in progress and terms could change, according to the report. Whatnot did not respond to Business Insider’s request for comment.

Founded in 2019, Whatnot operates a livestream commerce marketplace where sellers host real-time auctions and fixed-price sales across categories including sneakers, sports cards, fashion, vinyl records and collectibles. The company earns revenue through fees charged on transactions made through its platform.

Whatnot generated $8 billion in live sales last year, according to Business Insider. The figure follows growth the company disclosed in October 2025, when it said gross merchandise value had already surpassed $6 billion for the year, more than double the $3 billion GMV it reported for 2024.

The company’s Series F round brought its total funding to approximately $968 million. The financing was co-led by returning investors DST Global and CapitalG, with participation from existing backers including Andreessen Horowitz, Sequoia Capital and Lightspeed Venture Partners. “The conversation around live shopping has changed. We’re no longer asking if it will catch on. Whatnot is proving that live shopping is retail’s new normal,” co-founder and CEO Grant LaFontaine said at the time. 

Whatnot’s growth has made it one of the largest U.S. players in livestream commerce, a format that has become a major retail channel in China through platforms including Taobao Live. While livestream shopping has generated hundreds of billions of dollars in annual gross merchandise value in China, adoption in the U.S. has developed more gradually. 

Competition in the category has intensified as platforms including TikTok Shop, Amazon Live and eBay Live expand their commerce offerings. TikTok Shop, in particular, has accelerated adoption of creator-led shopping by combining short-form video, influencers and direct purchasing within one platform. 

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