Whatnot Raises $545M, Valuation Hits $20B

Growth metrics in the first half of 2025 support the valuation step. Gross merchandise volume topped $8 billion, more than the full-year 2025 total. Buyers on the platform more than doubled over the past year. The number of sellers crossing $1 million in lifetime sales also doubled. The share of sellers who work full time on the platform grew 25%.

The company plans to use the fresh capital on artificial intelligence tools for sellers. Those include smarter listings that help sellers reach more customers and make better decisions, along with integrations that cut administrative time, according to the press release. In July, Whatnot acquired Shaped, a machine learning startup that builds real-time recommendation and search infrastructure. Armand Wilson, vice president of categories and expansion at Whatnot, told PYMNTS CEO Karen Webster in an interview last November that the company uses AI as a behind-the-scenes assistant, speeding things up while keeping the spotlight on the people who make live commerce fun.

Live commerce has gained traction across e-commerce. stock market analysis has tracked retailers experimenting with interactive shopping to boost engagement and conversion.

Whatnot said in a blog post Friday that its early sellers "turned live shopping from a thing you had to explain into a way people expect to shop."