Novelship, a Singapore-based marketplace founded in 2018, has received US$9.5 million in its Series B funding round led by East Ventures, iGlobe Partners and GSR Ventures. The company said the new funding will accelerate its efforts to strengthen its brand presence across Southeast Asia. This includes improving logistics capabilities, refining authentication processes, expanding its range of in-house collections and streamlining its environmentally conscious delivery process.
The company, which began as a marketplace for Asian buyers and sellers to trade 100-percent authentic sneakers, limited edition apparel and exclusive physical and digital collectibles, now aims to become one of Asia’s leading fashion icons and says its user base has doubled yearly. Recently, the company released new in-house products in collaboration with American rapper Snoop Dogg and is actively working to diversify its own collections of Novelship-branded T-shirts, socks, laces and shoe sole protectors.
Richard Xia, co-founder and CEO of Novelship, explained the company’s commitment to making its products accessible to all. “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.” As its customer base continues to grow, Novelship is working to source more material, leading to an estimated overall growth of 150 percent in fiscal 2022, with a remarkable 140 percent increase in women-specific SKUs alone.
Novelship has grown rapidly in recent years, with a compound annual growth rate (CAGR) of 37 percent in revenue and 55 percent in transactions.
