Being the CEO of GOAT, the net worth of Eddy Lu is of $3.7 billion as of 2023 (as reported by website Glossy). It is no surprise that the success of GOAT has paid off to Lu, but the true key to his success will be seen in his career and personal background.
Eddy Lu was born in Pasadena, California. He was an only child of an immigrant family, and his family always pushed him to stay close to home and work a corporate job. However, Eddy had other dreams for himself.
Lu attended college at the University of California, Berkeley, from 1999 to 2003, majoring in computer science. Immediately after graduating, he began working as a consultant for Deloitte Consulting.He worked for this company for 2 years before leaving to pursue a different type of work.
From 2005 until 2008, Eddy Lu worked for Lehman Brothers Holdings Inc. as an analyst. The company is a global financial services firm that went bankrupt in September of 2008. During his tenure there, Mr. Lu was responsible for the analysis and management of various investment vehicles.
Person Name: | Eddy Lu |
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Net Worth: | $3.7 billion |
Date of Birth: | Unknown |
Place of Birth: | Pasadena, California |
Gender: | Unknown |
Profession: | CEO of GOAT Group |
In addition to working full-time at Lehman Brothers, Eddy Lu also decided to become an entrepreneur while still retaining his job. Together with his wife and brother-in-law, he opened up a franchise called Bubble Tea House Company in Alhambra, California in 2006.
In October of 2015, Eddy Lu and fellow co-founder Daishin Sugano launched GOAT Group, a mobile platform for sneaker sales that verifies authentic sneakers through its own proprietary process. Since then, they have expanded it to include apparel and accessories.
GOAT Group has received significant funding from some well-known investors including Foot Locker, Accel Partners, Upfront Ventures, and Matrix Partners. Their total funding raised so far has been over $100 million dollars since the founding of the company in 2010.
According to Crunchbase estimates made in October of this year (2023), GOAT Group’s valuation exceeds one billion dollars making it another billion-dollar business ‘unicorn’. Mr.Lu’s status as a successful serial entrepreneur continues with growth prospects high for Goat Group.
Eddie Lu’s story presents us with an interesting background on how he started out as an investor before becoming involved with entrepreneurship through his franchises which lead him eventually co-founding ‘GOAT Group’. As of recent, he’s positioned himself as a serial entrepreneur and angel investor. This resume explains his suitability in being considered a good role model for young entrepreneurs who aspire to create something of their own while also positioning themselves in the investment ecosystem.
The Entrepreneurial Journey of Eddy Lu: From Franchise Owner to Venture Capital-Backed Unicorn with Impressive Net worth
In 2005, Eddy Lu started his career in finance as an Equity Research analyst at Lehman Brothers. However, after gaining valuable experience in the consulting industry for two years, he decided to pursue his entrepreneurial dreams. In 2006, Lu became a franchise owner of Beard Papas, an international chain specializing in fresh and natural cream puffs. It wasn’t until four years later when he co-founded GOAT Group with Daishin Sugano that he began to make waves in the venture capital world.
GOAT Group is a startup that represents three major brands – Flight Club, GOAT, and alias – and specializes in creating a resale marketplace for authentic sneakers, apparel, and accessories using digital technology. With more than 30 million members signed up for GOAT Group currently, the company has raised $492.6 million in venture capital funding from thirty-one VC investors who believe the startup will generate a good return on their investments.
In June 2021, GOAT Group closed its latest Series F round after raising $195 million with Adage Capital Management leading the effort along with four other investors for the round. This brought GOAT Group’s post-money valuation to $3.7 billion which is more than three times the amount required to qualify as a unicorn status company.
As CEO of GOAT Group for eleven years as of 2021, Eddy Lu has done an exceptional job leading the startup through the ups and downs of launching a new business. His hard work alongside his partner has paid off tremendously and made him wealthy beyond expectations.
Looking into the future, there’s no doubt that Eddy Lu is one entrepreneur to keep an eye on. With a track record like his so far and being backed by some of the biggest names in venture capital funding worldwide; we can expect to hear much more about him and his ventures in the years to come.