The live commerce platform that started selling Funko Pops is now worth more than most publicly traded retailers. Whatnot, the livestream shopping platform, has closed a $545 million Series G round, nearly doubling its worth from the $11.5 billion it commanded after its October 2025 raise. Black Friday alone accounted for over $100 million in live commerce sales on the platform. What makes Whatnot’s trajectory particularly notable is the graveyard of failed live commerce attempts that preceded it. The live commerce bet in a broader marketLive commerce in China generates hundreds of billions of dollars annually.