Diligence memo · auto-generated · as of July 2, 2026
Whatnot Inc.
Whatnot Inc. looks over-valued against its niche peers and is active on financing cadence.
Businessfiled
Whatnot Inc. operates in Other Technology, based in SAN FRANCISCO, CA, USA; Remote. Whatnot is the largest livestream shopping platform in the U.S.
Sub-sector tags: Marketplace, E-commerce.
Capital & rounds (filed)filed
Whatnot Inc. has raised $935M in disclosed capital across 5 recorded rounds, aggregated from public filings. Its latest round is modeled as Series D+ (a $100M–$400M round).
Largest single filing: $262M on 2024-12-24.
Most recent recorded round closed around 2025-10-15.
Valuation (modeled)modeled
Provath models Whatnot Inc. at approximately $1.9B (range $1.2B–$2.2B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 1.79× the median modeled value of Series D+ Other Technology companies in 2025–2027 (60 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 13 months.
Last raise 9 mo ago; this sector typically re-raises about every 13 months.
Raising on or ahead of the sector's normal rhythm.
The last round was 1.2× smaller than the prior — a bridge or down round.
Comparablesmixed
Capital scale ranks ahead of 100% of Other Technology peers (21302 compared).
Modeled value ranks above 98% of those peers.
Closest niche peers: ServiceNow, Inc., Castelion Corp, Cryptyde, Inc., Niantic Spatial, Inc., Robin Motor Ltd.
Peoplefiled
6 named people on file across officers, directors and signatories.
Risks & flagsmixed
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.