Live shopping platform Whatnot has closed a $545m Series G funding round, taking the company's valuation to $20bn.

The company said the round was “the largest raise in live commerce”, with the funding “going toward one thing: helping small businesses grow”.

Planned areas of investment include marketing efforts to attract new buyers, trust and safety measures, expansion into additional product categories and markets, and the development of tools – including AI-assisted features – designed to cut down on administrative work for sellers.

In its statement, Whatnot said: “We are opening new categories, bringing Whatnot to new markets, and building tools, including AI-assisted ones, that handle the busywork so you can focus on what only you can do: go live, share what you know, and build a community.”

The funding round was co-led by ICONIQ, Lightspeed and avra.

Other participants included Kleiner Perkins, Robinhood, and Standard Capital, alongside returning backers such as Bond Capital, CapitalG, Durable Capital Partners, DST Global, and Greycroft.

Whatnot is a livestream shopping platform operating in the US, UK and Europe, where users buy and sell items across categories including sneakers, trading cards, vintage fashion, jewellery, collectibles and electronics.

The company said live sales on the platform exceeded $8bn in 2025, more than double the previous year, with over 20 million accounts created during the year.

Whatnot also reported that more than 650,000 new users are signing up to the platform each week.

The company said the number of sellers who have surpassed $1m in lifetime sales has more than doubled over the past year, while the share of sellers earning a full-time income through the platform has risen by 25%.