Whatnot, a livestream shopping platform competing with TikTok Shop, is setting its sights on further growth in Europe. The U.S.-based company announced its expansion plans following a successful funding round that raised 257.2 million euros (265 million dollars), bringing its valuation to nearly 4.8 billion euros (5 billion dollars).
Livestream Shopping Gains Traction
Founded in 2019, Whatnot has quickly become a key player in the growing livestream shopping sector. The platform allows users to buy and sell products through live video sessions, fostering direct interaction between sellers and buyers.
In 2024, goods worth over 3 billion dollars were sold on Whatnot, covering categories such as sneakers, handbags, and vinyl records. Thousands of sellers from eight countries, including the U.S., Canada, Germany, and France, currently operate on the platform. Every week, more than 175,000 hours of livestreams are broadcast, highlighting its strong engagement levels.
European Growth Plans
Whatnot’s latest funding round has paved the way for its continued European expansion. Although specific countries for its next rollout have not been disclosed, the company is already active in major markets such as Germany and France.
The platform is also looking to diversify into new product categories, which could attract a broader range of sellers and buyers. By building on its existing success, Whatnot aims to establish itself as a dominant player in the European livestream shopping scene.
Competition and Opportunities
The announcement comes as TikTok Shop, a prominent rival, has also been ramping up its operations in Europe. The livestream shopping market is becoming increasingly competitive, with platforms vying for attention from consumers and sellers alike.
For sellers, Whatnot offers a unique opportunity to engage directly with buyers through live video sessions, creating a more interactive and personalized shopping experience.
DMSMatrix Insights
Whatnot’s rapid growth reflects the rising popularity of livestream shopping as an e-commerce trend. At DMSMatrix, we recognize the potential of this dynamic sales channel for businesses looking to enhance customer engagement and drive sales.
For sellers considering entering the livestream shopping space, platforms like Whatnot provide an innovative way to connect with audiences. As the platform expands across Europe, it presents new opportunities for businesses to tap into its growing user base and explore emerging markets.
Stay tuned to DMSMatrix for more updates on e-commerce trends and platform developments.