TikTok Shop Rival Raises Funds at $5 Billion Valuation (Correct)

Whatnot Inc., a livestream shopping platform that competes with TikTok Shop, raised $265 million at a valuation of $4.97 billion in a funding round led by Greycroft Partners, DST Global and Avra.

The startup, which was founded in 2019, has emerged as an alternative to TikTok’s shopping features. Last year, more than $3 billion worth of goods were sold on Whatnot, including sneakers, collectibles, vinyl records and handbags.

“The opportunity for what live and social commerce can do for sellers and sellers’ businesses is pretty tremendous,” Whatnot co-founder and Chief Executive Officer Grant LaFontaine said in an interview. ...