Grant LaFontaine and Logan Head founded Whatnot in December 2019 in Los Angeles. Before Whatnot was founded, the founders had a history of selling collectables. Lafontaine used to sell Pokémon cards in middle school, and in his 20s, he used to sell Sneakers, whereas Head was a senior product manager at Sneakers Marketplace.
Path to Progress
Whatnot, which launched in December 2019, is a livestream shopping marketplace. Initially launched with the focus of being a high-end Craigslist-style platform where anything can be bought and sold. Business then narrows it down to buying and selling collectables- starting with sneakers before branching out into Funko Pops(a type of vinyl collectable).
Whatnot, then add a livestreaming element in the summer of 2020 after Head spent six weeks coding the app. During the first livestream on the app, Whatnot sold $5K worth of Funko Pops in a few hours. And that’s how Whatnot started its journey as a livestreaming selling platform.
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Facing the Storm
One of the main challenges the founders of Whatnot had to face was when they had to talk to people, and they would not understand this world. No one understood why anybody would collect; only those people who used to collect understood, and talking to them was much easier for the founders.
Beyond Boundaries
Whatnot has a wide and growing variety of categories of resale products, including trading cards, clothing, and collectibles. All categories of seller streams can be accessed through the main app interface or the desktop website as a buyer/viewer. In contrast, sellers/influencers must apply before they can start hosting a stream.
The startup, founded in 2019, says more than $3 billion worth of items were sold on its platform last year.
According to Fortune, the 2019-founded platform will double its GMV year-over-year to reach $6 billion in 2025 while ranking as the 15th most popular free iPhone app in the U.S.
Users of Whatnot spend an average of 80 minutes daily on the app – closer to Netflix than Amazon. Whatnot has quietly climbed App Store charts—as one of the leaders of the growing trend of live-streamed commerce in the U.S.—while also capitalising on reinvigorated collectibles markets.
Merchants on Whatnot sold a combined $3 billion in goods in 2024, mainly in collectible categories like trading cards and sports cards, but also in fast-growing verticals like women’s fashion and sneakers, too. The startup, while unprofitable, is forecasting more than $6 billion in gross merchandise volume, or GMV, in 2025, or about double its 2024 numbers.
Whatnot would not disclose its revenue, but some back-of-the-envelope math suggests that 2025 revenue could range from perhaps $700 million to around $1 billion based on its average seller commission of around 11% plus a fast-growing advertising initiative.
Livestream shopping platform Whatnot raised $265 million at a nearly $5 billion valuation in a round led by Greycroft, DST Global and Avra. Andreessen Horowitz, Lightspeed Venture Partners, Y Combinator and other investors also participated in the Series E funding for Marina Del Rey, California-based Whatnot, which has now raised $749.7 million total, per Crunchbase.
Standout Traits of WhatNot
Whatnot is about connecting sellers and buyers in real time through livestreaming, taking advantage of the immediacy of auctions and active public participation. To achieve this, the platform has a set of features that make it a one-of-a-kind option in live commerce:
- Live, Interactive Auctions: Whatnot facilitates direct communication between buyers and sellers by allowing sellers to hold live auctions during which buyers can place bids through live chat.
- Instant Buy (“Buy It Now”) Option: Along with auctions, the platform also provides a direct buy option, enabling users to purchase items without going through the auction completion process.
- Seller Authentication and Product Listing: To ensure security and trust, Whatnot has a new seller approval process and a product verification system, especially for categories such as collectibles and fashion.
- Gamified Shopping Experience: The website incorporates gamification features in the form of live giveaways and challenges, which stimulate buyer participation.
- Monetisation for Sellers and Creators: Sellers and streamers earn money by selling products while they are live on streams.
- Social Media Integration: Whatnot enables creators to promote their streams and products on platforms such as Instagram, TikTok, and YouTube, thus making their audience and potential customers more efficient.
- Optimised Mobile App: The site is largely mobile optimised, and it has an easy-to-use interface for streaming, bidding, and buying easily.
- Buyer and Seller Protection: It has features of security, such as fraud protection and a dispute resolution mechanism to manage problems in transactions.
Roadmap Ahead
Whatnot plans to expand into new categories like luxury goods and technology. It wants to major push for further European market entry and to grow in digital items and NFTs. The company aims to double its merchandise volume by investing in scaling its platform, marketing, and developing new features like an enhanced “buy it now” section.
In Retrospect
Whatnot journey is an example of how a startup can disrupt traditional e-commerce by focusing on innovation and user experience. As live shopping continues to grow, Whatnot is well-positioned to lead in transforming online retail into a more interactive and engaging experience.
