Startup Write-Up: Whatnot

Livestream shopping is a fusion of online entertainment and eCommerce that has seen massive growth in China since its emergence during Alibaba’s Taobao Live launch in May 2016. As of 2021, livestream shopping accounted for 11.7% ($300B) of all retail eCommerce sales in China. This trajectory could soon be paralleled in the US, where livestream shopping appears to be several years behind on the same accelerating growth curve. According to one estimate, US livestream shopping revenue is expected to grow from $20B in 2022 to over $60B by 2025, when it will account for over 5% of total US retail eCommerce sales.

LA-based company Whatnot is a livestream shopping marketplace for collectibles that launched in December 2019. Since then, it has become the most valuable independent livestream shopping company in the US, with sales having grown 20x year-over-year in 2021 and tripling in 2022. Having launched with a focus on collectibles like Funko Pops and sneakers, Whatnot has since expanded into other collectible categories like watches, trading cards, NFTs, and 50+ other collectible types. Whatnot now has its “sights set on expanding into more categories” according to CEO Grant LaFontaine, as they look to take more market share in US eCommerce.