Whatnot announced in a blog post that sellers on its live commerce platform have processed one billion cumulative orders, a milestone the company reached six and a half years after its 2019 founding, when it operated as a marketplace for Funko Pop collectibles.

“The way the business is compounding today, the vast majority of those one billion orders have happened in the past six months,” Whatnot co-founder and CEO Grant LaFontaine told Fortune.

Whatnot held its first livestream in July 2020, with LaFontaine selling $5,000 in Funko Pops in a single evening. A large order volume for the company at that time was roughly 30 orders. The platform now processes a couple of million orders per day, with more than 20 items sold every second, according to company data.

Fashion has grown to become Whatnot’s largest category by order volume. Buyers are moving between categories at an increasing rate, up 170% over the past year. The platform now spans hundreds of categories, including trading cards, sneakers, vintage clothing, jewelry, and collectibles.

Platform Metrics and Funding

Whatnot raised a $225 million Series F in October 2025, co-led by DST Global and CapitalG, bringing its valuation to $11.5 billion and total funding to approximately $968 million. Gross merchandise value for 2025 has already exceeded $6 billion, more than doubling its 2024 total of $3 billion, according to company data.

Over the past year, Whatnot added more than 20 million new accounts, while first-time buyer numbers grew 285% year-over-year, per Fortune. The company generates revenue primarily through an 8% commission on U.S. sales and a 2.9% plus $0.30 payment processing fee per transaction.

Whatnot currently operates in the United States, Canada, the United Kingdom, France, and Germany. Its European seller base grew 600% year-over-year in 2024, with the platform hosting more than 20,000 hours of shows weekly across those markets.

LaFontaine attributed part of the platform’s growth to accountability built into the livestream format. “If you look at live commerce, there’s actually much more accountability baked into it than any other format,” he told Fortune. “You’re on camera, you can see the item, and you know if someone’s doing something relatively shady.”

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