Singapore-based sneaker marketplace Novelship has bagged US$9.5 million in its Series B funding round led by East Ventures, iGlobe Partners, and GSR Ventures.
The company said the new funds will be used to accelerate its expansion plans in Southeast Asia, including enhancing its logistics capabilities, refining authentication processes, expanding its slew of in-house collections, and optimizing its environmentally-conscious delivery process.
“As collectors’ priorities shift towards accessibility, efficiency, and integrity, Novelship stands firm in our dedication to enhance these aspects on our platform,” said Richard Xia, co-founder and CEO of Novelship.
The company was founded in 2018 as a platform for buyers and sellers to trade authentic sneakers, limited-edition apparel, and exclusive physical and digital collectibles.
The funding round came after Novelship’s recent collaboration with Snoop Dogg. The marketplace also introduced new in-house products, including Novelty-branded T-shirts, socks, shoelaces, and Shoe Sole Protectors.
“Our recent expansion of collections and the introduction of new in-house products reflect our commitment to providing broader accessibility for all collectors,” Xia said.
Novelship reported a compound annual growth rate (CAGR) of 37 percent in revenue and 55 percent in transactions.
“Novelship has been proven as a one-stop marketplace to fulfill the desires of collectors,” said Willson Cuaca, co-founder and MD at East Ventures. “We also take great pride in witnessing how Novelship incorporates sustainable practices into its operations.”
Further reading, Asics says its new sneaker offers the lowest CO2 emissions of any brand.