Live shopping startup Whatnot on Tuesday announced it raised $225 million in a Series F funding round, valuing the company at $11.5 billion. The round was led by tech-focused venture firms DST Global and CapitalG, which is owned by Google’s parent company Alphabet. The company’s valuation has more than doubled in the past year — it raised $265 million at a nearly $5 billion valuation in January.

The six-year-old company allows small businesses to sell through livestreams on its app and has emerged as a TikTok rival amid a social commerce boom. Whatnot’s gross merchandise volume — a measure of sales done on its platform — has more than doubled to $6 billion for 2025 thus far, the company said. It has raised over $900 million since its founding.

Whatnot will use its newly raised funds to introduce new features, chart international expansion and grow its engineering, marketing and sales teams. The funding round is also accompanied by a tender offer for current investors to buy up to $126 million in shares.

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