Whatnot, a live commerce platform specializing in collectibles, has raised $545 million in a Series G funding round, nearly doubling its valuation to $20 billion from $11.5 billion in October 2025. The company has now raised approximately $1.5 billion since its founding in 2019 and has crossed one billion orders. The round was led by ICONIQ, Lightspeed and Avra, with new investors including Kleiner Perkins and Wellington Management joining returning backers like Andreessen Horowitz and CapitalG. CEO Grant LaFontaine indicated the company could stay private as long as possible but would be prepared to go public when the time comes.
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