China-based mobile-only sneaker trading platform Nice (AKA, NiceHaoHuo) has raised “tens of millions” of dollars in a Series D funding round led by the TPG-Softbank joint venture fund and Vision Capital. Matrix Partners China and Fanzhuo Capital also participated.
Founded in 2013, Nice began as an image-sharing e-commerce platform along the lines of Instagram. It raised more than 60 million U.S. over three financing rounds in 2014, before pivoting last year to create a marketplace and trading platform for the sneaker community in China.
The redesigned app was launched in July 2018 and features two main experiences: one is a “what to buy” feed with sneaker-related content and other community features, and the other lets users in on “how to trade,” enticing them to buy and sell sneakers on the platform.
The site employs an in-house verification team to combat fakes on the site and offers a three-times-your-money-back guarantee in case of buying counterfeit shoes.
Funding for Chinese sneaker trading apps is heating up as investors seek a piece of the 6 billion U.S. global sneaker resale market. In April, China’s largest sneaker trading platform Poizon raised a round valuing it at $1 billion U.S., while 58.com’s c-to-c marketplace Zhuan Zhuan launched its own counterpart QieKe in May.