US Live Commerce Platform Whatnot Closes Series G Funding at $20 Billion Valuation

According to foreign media reports, US live e-commerce platform Whatnot recently announced the completion of its latest funding round, reaching a post-money valuation of $20 billion, nearly doubling its valuation from less than a year ago.

Official disclosures show the platform adds more than 650,000 new users per week, its gross merchandise volume so far this year has already exceeded the $8 billion recorded for the full year of 2025, and its buyer base has doubled year-over-year.

This $545 million Series G round was led by Iconiq, Lightspeed and Avra. The proceeds will be used to optimize seller tools, integrate AI technology into more sales processes to help sellers reach more buyers, expand into new markets, and build the world's largest and most trusted marketplace.

In October 2025, Whatnot raised $225 million in its Series F funding round at a valuation of $11.5 billion. In January 2025, the platform closed a $265 million Series E round at a valuation of nearly $5 billion. Since its founding in 2019, the platform has raised approximately $1.5 billion in total funding.

The US live e-commerce market is continuing to expand, and Whatnot's rapid valuation growth reflects the expansion momentum of this sector. Competition in the space is intensifying at present, with e-commerce giants including TikTok Shop, eBay and Fanatics all accelerating their deployment of related businesses.