GOAT & Flight Club Merge, Raise $60 Million In New Funding
GOAT has announced that it will be merging with Flight Club to “become the world’s largest sneaker marketplace.” Following the merger, GOAT will operate Flight Club as an independent brand, which includes its two retail locations in Los Angeles and New York City, while focusing on mobile and online commerce.
Speaking on the merger, co-founder and CEO of GOAT Eddy Lu said: “As the first company to focus on reselling rare sneakers, Flight Club revolutionized sneaker retail and paved the way for what is now a two billion dollar resale industry. The merger of Flight Club and GOAT, together with $60 million in new funding, will allow us to significantly scale our online and retail operations to meet customer demand both domestically and internationally.”
The funding Lu mentions is led by Index Ventures, with other participants including Accel, Matrix Partners, Upfront Ventures, and Webb Investment Network – all existing GOAT investors. This brings GOAT’s total funding to $97.6 million and will see Index Ventures’ Danny Rimer and Flight Club’s Damany Weir join GOAT’s board of directors.
This follows the news that LVMH Luxury Ventures has backed Stadium Goods in a deal to help grow the store’s sneaker and apparel marketplace.
In other news, Nigeria’s World Cup kit is out and the internet has fallen in love. Check it out here.
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