StockX, an online marketplace that lets individuals trade sneakers like stocks, closed a round of venture funding that valued the startup at more than $1 billion, riding the sneaker-reselling craze fueled by teens.
Founded in 2016, the Detroit company started as a website for sneakerheads, or sneaker fanatics who buy and sell rare shoe models. It has now evolved into a broader marketplace for streetwear, handbags, watches and other goods and is on the path to sell merchandise valued at more than $1 billion this year.
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