Eminem, Mark Wahlberg invest in Detroit-based startup StockX
Sneaker stock market startup backed by Eminem, others
DETROIT – Some very big names, including Eminem and Mark Wahlberg, have joined the high-profile list of investors of the Detroit company StockX.
If you're not a sneaker-head like Eminem and Wahlberg, you might not know about the striving combination of Amazon, Ebay and the stock market. The startup is also backed by Wale, DJ Skee and Joe Haden, according to Fortune.
Eminem and the group have generated $6 million for StockX, which has plans for expansion into other products, like handbags and watches.
Detroit-based StockX is unlike any traditional e-commerce or auction website. StockX is a live "bid/ask" marketplace that allows buyers to place bids and sellers to place asks, and executes a trade when the seller’s ask price meets with a buyer’s bid.
"Sneakers have always been a huge interest of mine, for at least as long as I’ve been rapping, and I’m proud of the fact that I’ve had so many collaborations with Nike and Jordan Brand," said Mathers. "I really like the fact that sneakers are a big part of what StockX is doing. When I found out that they happen to be doing it from downtown Detroit, it made even more sense to get involved."
“We believe in the power of StockX to change the way people buy and sell things online and look forward to helping Josh Luber and the StockX team make that future a reality,” added Rosenberg.
StockX, which launched in February of 2016, was co-founded by Luber, who serves as the company’s CEO, and Dan Gilbert, founder and chairman of Quicken Loans and majority owner of the Cleveland Cavaliers. Recently, StockX closed an investment round that included Silicon Valley investor Ron Conway and his SV Angel fund as well as Detroit Venture Partners (DVP). Eminem is the first of what is expected to be several high profile investors.
In the four months since launch, StockX has reached major milestones with the launch of its iOS and Android apps. While the multi-billion dollar sneaker trading market is StockX’s first vertical, there are numerous other categories that the "stock market of things" is planning to add to its platform in the near future. The platform is open in the United States, but sneaker-heads in other countries will very soon be able to use StockX.
StockX provides a visible, liquid, anonymous and authentic online experience. Participants in the StockX exchange benefit from historical price and volume metrics, real-time bids and offers (asks), time-stamped trades and additional analytics on virtually every sneaker model.
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