The live-shopping platform Whatnot is in discussions to almost double its valuation to $20 billion.

      The startup, which handles everything from sneakers to sports cards via livestream, is seeking more funding less than a year after its $11.5 billion round, as live commerce gains traction in the West.

      Whatnot, the livestream-shopping platform where sellers offer sneakers, trading cards, and vinyl records in real-time to an audience, is negotiating to raise funds at a valuation of approximately $20 billion. This amount would almost double the company’s worth of $11.5 billion recorded as recently as late 2024.

      The rapid increase in valuation is noteworthy. A near-doubling within a year positions Whatnot among the fastest-growing consumer startups today, especially in an environment where venture capital has largely favored artificial intelligence over shopping apps.

      Whatnot conducts live video auctions and sales across diverse categories like fashion and collectibles, earning a commission on each sale, which transforms online shopping into a more entertaining experience.

      The operational dynamics are part of the appeal. A host showcases an item, and buyers can bid or click to purchase instantly; the immediacy of a live sale, with its countdown, engaging dialogue, and sense of scarcity, creates a unique shopping experience that static product pages cannot replicate.

      The figures are substantial. The company reports facilitating roughly $8 billion in livestream sales over the past year in North America and Europe, a volume that justifies, at least for its investors, a valuation typically associated with software companies.

      The list of investors reads like a who’s who of Silicon Valley. Andreessen Horowitz, Sequoia, Lightspeed, and Google’s CapitalG have all invested in Whatnot, brands known for pursuing the largest funding rounds in technology, now betting on live commerce as a sustainable business model rather than merely a trend.

      While the concept is not new, it is only just starting to gain traction in the West. Livestream shopping has thrived in China for years, with platforms like Taobao transforming hosts into sales representatives for millions of viewers, and Western investors have long anticipated its emergence in their markets.

      Whatnot is gambling that this moment has finally arrived. The company has expanded by engaging niche communities—collectors and resellers who view live auctions as both a marketplace and a social experience—rather than attempting to serve as a general retail platform.

      It has also begun acquiring capabilities. Recently, Whatnot acquired Shaped, a startup focused on developing real-time recommendation systems, aimed at guiding viewers to streams and items most likely to pique their interest and encourage spending.

      This acquisition indicates potential areas for investment. An increased funding round could support the recommendation engine, facilitate expansion in Europe, and enhance competitiveness against social platforms entering the same market space.

      Competition is on the rise. TikTok, Instagram, and Amazon have all ventured into live and social shopping, and while Whatnot’s independence is both an asset—being specifically designed for this purpose—and a challenge versus larger competitors, it could be at risk.

      Currently, the valuation remains a discussion rather than a final agreement. Business Insider depicts it as a funding round under negotiation, and startup valuations at this stage can fluctuate prior to finalization, particularly in a discerning market like this one.

      Nevertheless, the trend is significant. That investors would consider pricing a shopping app at $20 billion—during a year when the majority of substantial investments have been directed towards AI—indicates that live commerce has moved beyond experimentation into a recognized category.

      What stands out is what it is not. In a funding environment focused heavily on AI solutions and infrastructure, Whatnot serves as a reminder that a consumer business with genuine transactions can still achieve valuations typically associated with tech firms, provided there is robust growth.

      The ongoing risk is one that every marketplace faces. Whatnot’s worth relies on maintaining a balance of hosts and buyers on its platform, and this loyalty may quickly diminish if a larger competitor offers more favorable terms or a broader audience.

      For now, the momentum lies with the company. A valuation approaching $20 billion would affirm that livestream shopping has established itself in the West, and that Whatnot, for the time being, is the brand that investors are eager to support financially.