Singapore-based streetwear marketplace, Novelship, has raised US$10 million in a Series A round led by GSR Ventures and East Ventures.
The round was also participated by K3 Ventures and iGlobe Partners.
The freshly raised funds will be used to strengthen Novelship's position in existing markets and also enter more Asia Pacific countries.
The online sneaker marketplace also aims to explore metaverse integration and brand partnerships in the retail space.
Key Highlights
- Novelship reported that its sales volume increased by 5.3x during 2021.
- Dubbed as the StockX of Southeast Asia, Novelship added that the market for sneakers and streetwear in Asia Pacific is valued at US$33 billion.
- Early March, Novelship recently accepted cryptocurrencies as payment which resulted in US$200,000 worth of sneakers sales using digital tokens.
- Novelship partnered with TripleA, a cryptocurrency payment gateway licensed by the Monetary Authority of Singapore, to integrate the new payment method.
Background of Novelship
- The company was founded by Richard Xia and Chris Xue in 2018.
- Novelship is an online marketplace for limited-edition products from brands such as Nike, Air Jordan, Yeezy, and Supreme.
- The company also offers professional authenticating services for every item that is sold through its platform.
- Novelship is currently operating in Singapore, Malaysia, Indonesia, Australia, New Zealand, and Taiwan.
- In 2019, Novelship raised US$2 million in a seed funding round led by Global Founders Capital.
