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Talk about a business with strong footing.

, a secondary marketplace for high-end sneakers, has raised a big new round of funding and replaced its CEO with an auction industry veteran.

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On Wednesday, StockX that it closed , earning the footwear marketplace a post-money valuation of over $1 billion. General Atlantic, DST Global, and GGV Capital are new investors in the company. reports that GV and Battery Ventures, which co-led StockX’s last round of funding, participated in the financing.

As part of the transaction, GGV managing partner Hans Tung will join StockX’s board.

StockX’s deal has been in the works for some time. Recode on the as-yet-unfinished deal back in April.

Before this deal, the company previously socked away at least $50 million from venture investors. Its last round, , was announced in September 2018. This latest financing brings StockX’s total capital raised , a figure confirmed by the .

The company employs over 800 people and generates gross product sales “topping $100 million per month,” according to the Times. The company is not yet profitable, but has doubled its revenue compared to last year.

As part of the financing, the company’s co-founding CEO, is being replaced by Scott Cutler, a former executive at eBay. Luber remains on the board and will “continue to be the company鈥檚 public face,” according to the Times.

According to announcing the financing, the company said that Cutler “assumes his new role as CEO immediately.” At eBay, Cutler oversaw eBay’s business in North and South America as a senior vice president. Cutler also served stints at ticket marketplace StubHub and as an executive vice president at the New York Stock Exchange. Cutler also gets a seat on StockX’s board.

During his time at the NYSE, Cutler oversaw the IPOs of a number of major technology companies, including the likes of LinkedIn, Twitter, and Alibaba. This experience prepares him to lead StockX into a new business. Rather than simply acting as a secondary market for sneakers and streetwear, the company plans to work with brands to launch new merchandise directly in what it refers to as “initial product offerings.”

StockX is based in Detroit. And aside from recent corporate-backed equity rounds raised by new electric automaker Rivian ($700 million from Amazon in February and another in April) StockX’s Series C is the largest venture capital-backed funding round in Michigan history, and the company’s announcement.

Venture interest in streetwear is heating up. StockX’s principal competitor, , was valued at approximately $550 million, post-money, following by shoe shop . Crunchbase News covered that deal back in February.

StockX’s real time bid-ask pricing model is rather unique in the world of consumer marketplaces. It’s taking advantage of a market inefficiency, where folks buy limited-release sneakers and streetwear and summarily sell these goods for many times the MSRP. In other words, rare shoes are now an asset class all their own, and StockX is the market’s biggest exchange.

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