Tokyo-based SODA, which runs tennis shoe reselling platform SNKRDUNK, has raised a $22 million Series B led by SoftBank Ventures Asia. Financiers likewise consisted of basepartners, Colopl Next, THE GUILD and other tactical partners. Part of the financing will be utilized to expand into other Asian nations. Most of SNKRDUNK’s transactions are within Japan now, however it plans to end up being a cross-border marketplace.
Together with SODA’s $3 million Series An in 2015, this brings the startup’s total funding to $25 million.
While the COVID-19 pandemic was initially anticipated to deter the sneaker resell market, C2C marketplaces have in fact seen their organization boost. For instance, StockX, one of the most significant tennis shoe resell platforms on the planet (which hit an assessment of $2.8 billion after its current Series E), stated May and June 2020 were its most significant months for sales ever.
SNKRDUNK’s sales likewise grew in 2015, and in December 2020, it recorded a 3,000% year-over-year boost in monthly gross merchandise worth. Ceo Yuta Uchiyama informed TechCrunch this was because need for sneakers remained high, while more people likewise began purchasing things online.
Introduced in 2018, SNKRDUNK now has 2.5 million month-to-month users, which it says makes it the biggest C2C sneaker marketplace in Japan. The Series B will permit it to speed up the speed of its international expansion, include more categories and expand its authentication centers.
Like StockX and GOAT, SNKRDUNK’s user fees cover authentication holds before sneakers are sent to purchasers. The business partners with PHONY BUSTERS, an authentication service based in Japan, to examine tennis shoes prior to they are sent to buyers.
In addition to its market, SNKRDUNK likewise runs a tennis shoe news website and an online neighborhood.
SODA strategies to work with other business in SoftBank Venture Asia’s portfolio that develop AI-based tech to help automate its operations, consisting of logistics, payment, client service and fake assessment.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.