Asia’s fastest-growing sneaker marketplace Novelship secures US$9.5 mil  series B funding led by East Ventures

• Funds will be used to amplify brand presence across SEA
• iGlobe Partners and GSR Ventures also participated in this round

Novelship has bagged US$9.5 million (RM44.4 mil) in its Series B funding round led by East Ventures, iGlobe Partners and GSR Ventures. 

In a statement, the Singapore-based online streetwear marketplace mentioned that the new funds will accelerate the company’s move to amplify its brand presence across Southeast Asia. This includes enhancing its logistics capabilities, refining authentication processes, expanding its range of in-house collections, and optimising its environmentally-conscious delivery process.

Founded in 2018, Novelship initially started as Asia’s fastest-growing marketplace for buyers and sellers to trade 100% authentic sneakers, limited-edition apparels and exclusive physical and digital collectibles. Today, the company aims to become one of the leading fashion icons in Asia, as it claims its user base has doubled each year.

Richard Xia (pic), co-founder and CEO of Novelship stated that as collectors' priorities shift towards accessibility, efficiency, and integrity, Novelship remains dedicated to enhancing these aspects on its platform. 

He added, “We 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,”

Following the brand’s recent collaboration with Snoop Dogg to expand its collection, Novelship has also introduced new in-house products, including Novelship branded t-shirts, socks, shoelaces, and shoe sole protectors.

The startup is actively diversifying its collections to cater to a growing female market, significantly increasing women-centric sneaker SKUs by 100, enhancing inclusivity and affordability for all collectors. 

As its customer base expands, Novelship is working to source more supplies, resulting in an estimated 150% overall listing growth in fiscal year 2022, with a remarkable 140% surge in women-centric SKUs alone.

Xia emphasised the company’s commitment to making its products accessible to everyone, stating, “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.” 

With a staggering 20 billion pairs of shoes produced globally in 2021, the industry's rapid growth has raised concerns about its environmental impact. As consumers accumulate extensive shoe collections, the resulting carbon footprint has also become equally substantial

Dedicated to addressing this challenge, Novelship is beyond promoting sustainable products by championing mindful consumption. This involves curating offerings that are both stylish and eco-conscious, tailored to the increasingly discerning and conscientious consumer market. Since June 2023, the company has adopted 100% recycled materials for its delivery boxes across all markets.

Willson Cuaca, co-founder, and managing partner at East Ventures expressed support for Novelship's journey, stating, “We are happy to continue our support of Novelship's journey as they redefine the market and deliver unparalleled value to sneakers and collectible enthusiasts in the region.” 

“Novelship has been proven as a one-stop marketplace to fulfil the desires of collectors. We also take great pride in witnessing how Novelship incorporates sustainable practices into their operations. We look forward to experiencing more excitement in the near future,” he added.

Novelship has rapidly expanded in recent years, with a compound annual growth rate (CAGR) of 37% in revenue and 55% in transactions.