Whatnot is proving that there is still room for consumer startups in the age of AI.

Live shopping startup Whatnot is in talks to raise financing at a valuation of about $20 billion, according to people familiar with the matter.

This would be a significant jump from the $11.5 billion valuation at which the company raised capital at the end of last year.

Whatnot offers live shopping in categories ranging from fashion and sneakers to sports cards and vinyl records, and takes a cut of every sale made on its platform in North America and Europe.

The round is underway and details could change. Whatnot did not respond to requests for comment.

Inspired by China’s large live shopping industry such as Taobao, Whatnot has built a following among collectible users who use the platform to interact and purchase products. The company made $8 billion in live sales last year.

Consumer internet startups have struggled to attract venture capital amid the AI ​​boom, as much of the industry’s capital chases commodity models, chips and infrastructure. The potential jump in Whatnot’s valuation could indicate that investors still have an appetite for consumer startups with rapid revenue and user growth.

Live shopping is already a huge business in Asia, generating hundreds of billions of dollars in annual sales. The format has taken longer to catch on in the West, but platforms like TikTok Shop have helped normalize the purchasing of products through social media and live videos, giving companies like Whatnot a tailwind.

The Los Angeles-based startup is backed by Andreessen Horowitz, Capital G, Sequoia Capital and Lightspeed Venture Partners.