Livestream shopping platform Whatnot secured $225 million in Series F funding, doubling its valuation to $11.5 billion as investors show continued confidence in the growing livestream commerce sector. The round, co-led by returning investors DST Global and CapitalG, brings the Los Angeles-based company’s total funding to approximately $968 million since its founding in 2019.

Platform Growth Drives Valuation Surge

According to the company’s blog, Whatnot’s Gross Merchandise Value (GMV) for 2025 has already exceeded $6 billion, more than doubling its 2024 total of $3 billion.

“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,” Grant LaFontaine, co-founder and CEO of Whatnot, said in a statement.

The company generates revenue primarily through an 8% commission on U.S. sales (6.67% in the UK/EU), plus a 2.9% + $0.30 payment processing fee per transaction. In 2024, Whatnot achieved an estimated $359 million in revenue, representing 102% year-over-year growth. Additional revenue now comes from advertising products launched in 2023, including boosted livestreams.

Entertainment-Driven Commerce Model Shows Results

Whatnot operates as a two-sided marketplace combining live video streaming with interactive commerce. Sellers host livestreams showcasing products through auctions or fixed-price sales, with the platform’s “sudden death” auction format creating urgency and driving engagement.

Initially focused on collectibles, Whatnot has expanded dramatically across categories. Fashion emerges as the fastest-growing segment, with the company expecting it to become the largest category within two years.

The company reports that 62% of sellers remain exclusive to Whatnot despite competition from platforms such as TikTok Shop, which charges a lower commission.

International Expansion Plans Accelerate

Whatnot plans to deploy the new capital to accelerate international expansion while scaling engineering, talent acquisition, marketing, and sales functions. The company currently operates in multiple countries, including Canada, the UK, France, Germany, and the U.S.

European markets show particularly strong traction. In 2024, Whatnot’s European seller base grew 600% year-over-year, now hosting more than 20,000 hours of shows weekly, according to company data. The platform launches in Australia next month and plans expansion into additional markets by the end of 2026.

Despite its growth trajectory, Whatnot has not yet achieved profitability as it prioritizes expansion. The company faces challenges maintaining trust and safety in an expanding marketplace while competing with established e-commerce giants as it works to make livestream shopping “retail’s new normal.”

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