Whatnot has raised $545 million in a Series G financing at a $20 billion valuation, with Robinhood Ventures Fund I disclosing a roughly $30 million preferred stock investment in the round. The company says the raise, which it describes as the largest ever in live commerce, will fund buyer acquisition, trust and safety efforts, new categories and geographies, and AI-powered tools to automate seller administration. Whatnot said sellers had generated more sales by the midpoint of 2026 than during all of 2025, more than 650,000 people are joining weekly, the number of sellers exceeding $1 million in lifetime sales has more than doubled over the past year, and the share earning a full-time income has risen 25%. The funding underscores investor confidence in livestream shopping as U.S. adoption develops and rivals including TikTok Shop, Amazon Live and eBay Live increase their push into creator-led commerce, even as Whatnot faces scrutiny over allegations tied earlier this year to randomized box breaks and alleged RICO Act violations.