Facebook, Lazada investor GFC leads US$2.05M funding in streetwear marketplace Novelship
Novelship, a limited-edition sneaker and streetwear online marketplace in Singapore, has secured US$2.05 million in funding, led by Global Founders Capital (GFC).
With this round, the startup’s total funding raised to date has touched US$2.3 million from a host of angel investors and organisations. The partnership with GFC marks its first collaboration with an institutional investor.
Novelship is an online marketplace for buyers and sellers specialising in limited-edition sneakers and streetwear from popular brands including Nike, Air Jordan, Yeezy, and Supreme. The startup professionally authenticates every product bought and sold on its online platform and guarantees legitimacy in the marketplace.
The firm says since launch in October 2018, over 1,500 limited edition sneakers and luxury streetwear products have been transacted on Novelship by users located mainly in the APAC region.
The company is looking to quickly expand to additional markets outside of Singapore, including Malaysia, Hong Kong, and Indonesia.
“Over the past six months, we’ve seen a steady increase in demand across the region for luxury, limited-release sneakers and streetwear products. With the additional capital from GFC, we will fuel our rapid expansion into key, high-growth markets and become a leader across the Asia-Pacific region,” said Novelship CEO and Co-founder Richard Xia.
GFC is an international seed-to-lifecycle venture capital firm founded by Oliver Samwer, Co-founder of Berlin-based Rocket Internet. It has invested in numerous, high-profile startups including Slack, Facebook, Traveloka, and Lazada.