Whatnot raises $545M Series G at $20B valuation, defying AI-focused market
Live commerce platform Whatnot has raised a $545 million Series G at a $20 billion valuation, the company told Fortune . The round was led by ICONIQ Growth, Lightspeed Venture Partners, and Avra, with new backers including Kleiner Perkins and Wellington Management.
The raise nearly doubles Whatnot's $11.5 billion valuation from October 2025. The company, founded in 2019, has now raised about $1.5 billion in total and crossed one billion orders in August 2026.
Whatnot started selling Funko Pops and collectibles in the US. Today it spans hundreds of categories — from Pokémon cards to designer bags to fresh food — across multiple countries.
Returning investors include Andreessen Horowitz, Bond, DST Global, Greycroft Partners, and Y Combinator. CapitalG is also back, having led three previous rounds since Whatnot's $150 million Series C at a $1.5 billion valuation in 2021. New backer Standard Capital, the firm of former YC partner Dalton Caldwell, joined too.
Whatnot's growth stands out in a venture market focused heavily on AI. Its $545 million round ranks in the 90th percentile among US media Series G deals on record.
Read more: Fortune
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