Funding round
Whatnot Series F
Whatnot, which works in live streaming shopping platform services in San Francisco, raised $225M in a Series F round announced on 28 Oct 2025, led by DST Global and CapitalG, at a $11.50B post-money valuation. 11 firms took part. It is Whatnot's seventh venture round on record; the one before was a Series E in Jan 2025.
$225M
Amount raised
$11.50B
Post-money valuation
$11.28B pre-money
11
Investors
2 leads
2.3x
Step-up from the Series E
$4.97B in Jan 2025
2.0%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Whatnot at $11.50B after the new money, 2.3 times the $4.97B of its Series E (Jan 2025). The $225M bought investors about 2.0% of the company. It came 9 months after Whatnot's Series E. It is 15% of the $1.52B Whatnot has raised in the venture rounds on record. Whatnot raised again 10 months later: a Series G round of $545M in Aug 2026, at $20.00B post-money.
Whatnot's funding rounds
Whatnot has 8 venture rounds on record. This one is highlighted.
- Seed 17 Dec 2020 $4.0M
- Series A 4 Mar 2021, led by Andreessen Horowitz $20M
- Series B 25 May 2021, led by Y Combinator $50M
- Series C 16 Sep 2021, led by Andreessen Horowitz and Y Combinator’s Continuity Fund $150M$1.50B post-money
- Series D 1 Jul 2022, led by DST Global and CapitalG $260M$3.70B post-money
- Series E 10 Jan 2025, led by Greycroft, DST Global and Avra $265M$4.97B post-money
- Series F this round 28 Oct 2025, led by DST Global and CapitalG $225M$11.50B post-money
- Series G 10 Aug 2026, led by ICONIQ, Lightspeed Venture Partners and Avra $545M$20.00B post-money
Investors
Who put money in
DST Global and CapitalG led the round with 9 other firms.
Lead investors
- DST Global backs 179 venture-backed companies new investor
- CapitalG backs 70 venture-backed companies new investor
Also in the round
- Sequoia Capital backs 589 venture-backed companies new investor
- Alkeon backs 51 venture-backed companies new investor
- Greycroft backs 236 venture-backed companies new investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
- Avra new investor
- BOND backs 91 venture-backed companies new investor
- Y Combinator backs 1,295 venture-backed companies new investor
- Lightspeed Venture Partners backs 454 venture-backed companies new investor
- backs 227 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
23 Series F rounds in Tech Companies within a year either side disclosed an amount; the median was $180M, and this round was 1.3 times the median. The closest in time, other companies' Series F rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Uniphore Tech Companies | 22 Oct 2025 | $260M | $2.50B | NVIDIA and AMD |
| Anthropic Tech Companies | 2 Sep 2025 | $13.00B | $183.00B | ICONIQ and Lightspeed Venture Partners |
| Tech Companies | 5 Nov 2025 | $100M | $700M | Goldman Sachs and A91 Partners |
| Perplexity Tech Companies | 1 Dec 2025 | $500M | $20.00B | not named |
| Harvey Tech Companies | 4 Dec 2025 | $160M | $8.00B | Andreessen Horowitz |
| Cyera Tech Companies | 8 Jan 2026 | $400M | $9.00B | Blackstone |
| Claroty Tech Companies | 22 Jan 2026 | $150M | $3.00B | Golub Growth |
| Applied Intuition Tech Companies | 17 Jun 2025 | $600M | $15.00B | BlackRock and Kleiner Perkins |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Whatnot raise in its Series F round?
Whatnot raised $225M in its Series F round, announced in Oct 2025.
Who led Whatnot's Series F round?
DST Global and CapitalG led it, with Sequoia Capital, Alkeon, Greycroft, Andreessen Horowitz and Avra and 4 more.
What was Whatnot's valuation at the Series F round?
$11.50B post-money ($11.28B pre-money).
How does it compare with other Series F rounds in Tech Companies?
23 Series F rounds in Tech Companies within a year either side disclosed an amount; the median was $180M, and this round was 1.3 times the median.
Did Whatnot raise again after this round?
Yes: a Series G round in Aug 2026 of $545M at $20.00B post-money.