Sneaker startup SoleSavy raises $15.5M in Series A funding from Shopify's president, Dapper Labs' CEO and Diplo
The funding comes less than six months after an initial $2.5 million seed round.
Vancouver’s SoleSavy, a sneaker marketplace startup, announced a $15.5 million in Series A funding less than six months after an initial $2.5 million seed round. This latest round was led by Bedrock Capital with participation from investors including Jason Calacanis’ LAUNCH, Panache Ventures, Origin Ventures, Bessemer Ventures, Turner Novak's Banana Capital, Dapper Labs’ CEO Roham Gharegozlou, Shopify’s President Harley Finkelstein and the DJ Diplo.
Why it matters: Sneaker culture has grown dramatically in recent years and is expected to reach $30 billion by 2030. This growth has been matched by an increase in bots, fraud, market manipulation and unfair practices that have negatively impacted consumers. With this funding, SoleSavy hopes to invest in and harness technology to improve the sneaker market experience for consumers.
“SoleSavy aims to solve the current challenges of the sneaker industry—one that has evolved from people enjoying their passion to being exploited for profit,” said Dejan Pralica, co-founder and CEO of SoleSavy. “With explosive member growth that has translated into a highly engaged community, we’re clear on the problems that must be solved, and how we can help make sneakers better for all types of enthusiasts. This new round of investment will help accelerate our mission, as we invest more into technology, hire the best talent, and launch new products and services.”
Details: Founded by Pralica and Justin Dusanj in 2018, SoleSavy’s mission is to tackle the biggest problems plaguing the footwear industry by leveraging the passion of the sneakerhead community. Since its launch, the company has experienced significant growth and maintained a 90% daily active user rate, according to internal company data. In addition, the startup has also experienced a threefold increase in membership and a revenue increase of 200% following the initial seed round in December 2020. The company is hiring internationally with more than 35 employees in Vancouver, Toronto, Los Angeles, New York and Dallas.
Next steps: SoleSavy plans to expand its offerings this fall to include a peer-to-peer member marketplace that will change how members interact and purchase sneakers.
The company said it will also expand its footprint beyond North America to markets including Australia and New Zealand, United Kingdom, Singapore, Japan, Mexico and Europe.
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