Sneaker marketplace Novelship raised $9.5 M Series B funding from East Ventures
Novelship, an online streetwear marketplace based in Singapore, has raised $9.5 million in a round of funding called Series B that was coordinated by East Ventures, iGlobe Partners, and GSR Ventures.
The company’s efforts to strengthen its brand recognition throughout Southeast Asia will be hastened by the new funds. The company said in a statement on Thursday that this includes expanding its array of in-house collections, improving its authentication procedures, enhancing its logistics capabilities, and streamlining its environmentally friendly delivery procedure.
As Asia’s fastest-growing marketplace for buyers and sellers to trade 100 percent authentic sneakers, limited-edition clothing, and exclusive physical and digital collectibles, Novelship was established in 2018. With its user base doubling every year, Novelship is on track to become one of Asia’s top fashion icons.
“As collectors’ priorities shift towards accessibility, efficiency, and integrity, Novelship stands firm in our dedication to enhance these aspects on our platform. We deeply appreciate our investors’ confidence in the company’s vision to elevate our collectors-driven model within Asia’s marketplace, which fuels our commitment to drive this journey forward,” said Richard Xia, Co-Founder and CEO of Novelship.
Novelship recently introduced new in-house products, such as Novelship branded T-shirts, socks, shoelaces, and Shoe Sole Protectors, following the brand’s recent collaboration with Snoop Dogg to expand its collection.
To meet the needs of a growing female market, Novelship is actively diversifying its collection. As a result, the business significantly increased the number of women-specific sneaker SKUs by 100, improving accessibility and affordability for all collectors. Novelship is actively sourcing more supplies as its customer base grows, which is expected to result in a 150 percent increase in overall listing growth in the fiscal year 2022, with a remarkable 140% increase in women-centric SKUs alone.
“We believe in making all products accessible to everyone. Our recent expansion of collections and the introduction of new in-house products reflect our commitment to providing broader accessibility for all collectors. By diversifying and increasing women-centric products, we’re looking to create a more inclusive space within the sneaker community, ensuring that everyone’s passion is catered to and celebrated,” Richard added.
The staggering 20 billion pairs of shoes expected to be produced worldwide in 2021 have caused environmental impact worries due to the industry’s explosive growth. The resulting carbon footprint has grown significantly as consumers amass sizable shoe collections.
Novelship, a company devoted to addressing this issue, is promoting mindful consumption in addition to sustainable product advocacy. This entails curating products that are eco-friendly and stylish, geared toward the market of discerning and responsible consumers. Additionally, the company has adopted 100% recycled materials across all markets for its delivery boxes as of June 2023.
“Novelship has been proven as a one-stop marketplace to fulfill the desires of collectors. We also take great pride in witnessing how Novelship incorporates sustainable practices into its operations. We look forward to experiencing more excitement in the near future,” said Willson Cuaca, Co-Founder and Managing Partner at East Ventures.
