Pic 1: Novelship CEO and Co-Founder Richard Xia, pic 2: Snoop Dogg and his son Cordell with Richard Xia (L) and Kenji Narushima (R)
Singapore-based online streetwear marketplace Novelship has secured US$9.5 million in a Series B funding round led by East Ventures, iGlobe Partners, and GSR Ventures.
The company will use the fresh funds to amplify its brand presence across Southeast Asia, involving logistics improvements, authentication process refinement, expansion of in-house collections, and optimisation of eco-friendly delivery methods.
Founded in 2018, Novelship is a marketplace for buyers and sellers to trade 100 per cent authentic sneakers, limited-edition apparel, and exclusive physical and digital collectibles.
Novelship said it has rapidly expanded in recent years, with a compound annual growth rate of 37 per cent in revenue and 55 per cent in transactions.
Also Read:Â With Snoop Dogg in tow, this is how Novelship plans to expand its sneakers marketplace
Following the brand’s recent collaboration with Snoop Dogg to expand its collection, Novelship recently launched new in-house products, including Novelship branded T-shirts, socks, shoelaces, and Shoe Sole Protectors.
It is also actively diversifying its collections to serve a growing female market. As such, the company has increased women-centric sneaker SKUs by 100.
As its customer base expands, the startup is working to source more supplies, leading to an estimated 150 per cent overall listing growth in the fiscal year 2022, with a 140 per cent surge in women-centric SKUs alone.
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