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StockX is a sneakerhead's dream. | Image screenshot: StockX

StockX raises $6 million to expand its stock market for sneakers

StockX, an online sneaker marketplace based in Detroit, Michigan, has raised $6 million in Series A funding.

The investment came from Detroit Venture Partners and SV Angel. High- profile angels including Olubowale Victor Akintimehin aka rapper Wale, actor Mark Wahlberg, agent Scooter Braun, NFL cornerback Joe Haden and investors Ted Leonsis, Ron Conway, Steve Case and AOL’s CEO Tim Armstrong, also contributed to the round.

 Josh Luber, a former IBM consultant, co-founded the “stock market for sneakers” in 2012 with Cleveland Cavaliers owner and Quicken Loans founder, Dan Gilbert.

The site launched in 2016  to let sneakerheads bid on a selection of kicks like Retro Jordans, Nikes and Yeezys online in a live ‘Bid/Ask’ marketplace.

The site also features sneaker price indexes that gauge estimated U.S. resell sales over the past 24 hours to buyers and sellers an idea of how much people are willing to pay for a particular sneaker.

The new investment will be used to continue to develop the platform and eventually evolve the site into a “stock market of things,” other than sneakers to take on its close online counterparts GOAT and Stadium Goods.

By Ashley Paintsil

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