GOAT Group, an online sneaker marketplace, said on Thursday it had raised $195 million in a late-stage funding round that more than doubled its valuation to $3.7 billion.
The financing was led by Park West Asset Management, funds and accounts advised by T Rowe Price Associates Inc, Franklin Templeton, Adage Capital Management and Ulysses Management.
Founded in 2015, GOAT was valued at $1.8 billion in a prior funding round in September last year.
It posted gross merchandise value, which represents the total volume of goods sold, of $2 billion over the past year as sales of sneakers and apparel surged.
GOAT delivers to more than 30 million customers across 170 countries, and its competitors include eBay Inc and StockX.
The company plans to use the proceeds from the fundraise to grow its sneaker business, along with its apparel and accessories units.
It also intends to expand its global footprint, the company said. (Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni)