Tokyo-based SODA, which runs sneaker reselling platform SNKRDUNK, has raised a $22 million Collection B led by SoftBank Ventures Asia. Buyers additionally included basepartners, Colopl Subsequent, THE GUILD and different strategic companions. A part of the funding shall be used to broaden into different Asian international locations. Most of SNKRDUNK’s transactions are inside Japan now, however it plans to turn out to be a cross-border market.
Alongside SODA’s $3 million Collection A final yr, this brings the startup’s complete funding up to now to $25 million.
Whereas the COVID-19 pandemic was initially anticipated to place a damper on the sneaker resell market, C2C marketplaces have really seen their enterprise improve. For instance, StockX, one of many largest sneaker resell platforms on the earth (which hit a valuation of $2.8 billion after its current Collection E), mentioned Could and June 2020 had been its largest months for gross sales ever.
SNKRDUNK’s gross sales additionally grew final yr, and in December 2020, it recorded a 3,000% year-over-year improve in month-to-month gross merchandise worth. Chief government officer Yuta Uchiyama advised QuickAppLabs this was as a result of demand for sneakers remained excessive, whereas extra individuals additionally began shopping for issues on-line.
Launched in 2018, SNKRDUNK now has 2.5 million month-to-month customers, which it says makes it the biggest C2C sneaker market in Japan. The Collection B will enable it to hurry up the tempo of its worldwide growth, add extra classes and broaden its authentication amenities.
Like StockX and GOAT, SNKRDUNK’s consumer charges cowl authentication holds earlier than sneakers are despatched to consumers. The corporate companions with FAKE BUSTERS, an authentication service based mostly in Japan, to verify sneakers earlier than they’re despatched to consumers.
Along with its market, SNKRDUNK additionally runs a sneaker information website and a web based group.
SODA plans to work with different firms in SoftBank Enterprise Asia’s portfolio that develop AI-based tech to assist automate its operations, together with logistics, cost, customer support and counterfeit inspection.