Goat, a mobile sneaker marketplace based in Los Angeles, California, has raised $25 million in venture funding. The company has raised $37.6 million to date.
The investment came from Accel Partners, and as part of the funding Ryan Sweeney, partner at Accel will join Goat’s board.
Fun fact — Sweeney is quite the sneakerhead himself, with a collection of over 400 sneakers.
Eddy Lu and Daishin Sugano co-founded and launched the sneaker resale app in 2015. Sugan and Lu originally founded the app in 2012 as Grubwithus, a food community app through Y Combinator, then pivoted with the Series A cash they had leftover and launched Goat.
Goat, which stands for “greatest of all time,” lets sneakerheads buy and sell in-demand sneakers through its iOS and Android apps. To ensure fakes don’t come through the app, the team has created an authentication system that mixes human reviewers, computer vision a machine learning.
After the shoes are verified, the team at Goat tells sellers to send them to their warehouse in Culver City, California and then the shoes are listed on the app.
The new investment will be used to further develop the company’s mobile app, add more members to it team and expand its distribution facility under one roof (the company currently has three facilities after major growth in 216).
“We started with a 2,500-square foot warehouse, and we outgrew that during the middle of last year,” Lu told TechCrunch. “On a marketplace like this, it’s all about liquidity.”