Singapore-based sneaker and streetwear marketplace NovelShip has raised $9.5 million in a series B funding round to “amplify its brand presence across Southeast Asia.” The company says it will use the financing to increase its logistics capabilities, hone its authentication processes, expand its in-house collections, and improve its delivery process.
“As collectors’ priorities shift towards accessibility, efficiency, and integrity, NovelShip stands firm in our dedication to enhance these aspects on our platform,” said co-founder and CEO Richard Xia.
“We deeply appreciate our investors’ confidence in the company’s vision to elevate our collectors-driven model within Asia’s marketplace, which fuels our commitment to drive this journey forward.”
The funding round, led by East Ventures, follows a $9.5 million U.S. series A funding round last year.
“We are happy to continue our support of NovelShip’s journey as they redefine the market and deliver unparalleled value to sneakers and collectible enthusiasts in the region,” said Willson Cuaca, co-founder and managing partner at East Ventures.
“NovelShip has been proven as a one-stop marketplace to fulfill the desires of collectors. We also take great pride in witnessing how NovelShip incorporates sustainable practices into their operations.”
Founded in 2018, NovelShip is aiming to become “one of the leading fashion icons in Asia,” and says its user base is doubling each year.
It reports a compound annual growth rate (CAGR) of 37% in revenue and 55% in transactions.
Users of the site can buy and sell such footwear and apparel brands as Air Jordan, Yeezy, Supreme, Palace and Bearbrick, which the company guarantees as authentic. They can pay for “buy now” purchases in cryptocurrencies Bitcoin, Ethereum and Tether.
NovelShip holds leadership positions in its existing markets — which include Singapore, Malaysia, Indonesia, Australia, New Zealand and Taiwan — and is targeting additional Asia-Pacific markets.
This summer it announced a collaboration with rapper Snoop Dogg, following which it has launched new in-house products, including NovelShip branded T-shirts, socks, shoelaces, and Shoe Sole Protectors.
It is also increasingly targeting female customers.
“We believe in making all products accessible to everyone. Our recent expansion of collections and the introduction of new in-house products reflect our commitment to providing broader accessibility for all collectors,” said Xia.
“By diversifying and increasing women-centric products, we’re looking to create a more inclusive space within the sneaker community, ensuring that everyone’s passion is catered to and celebrated.”
Since June 2023, the company says it has adopted 100% recycled materials for its delivery boxes across all markets.
Sneaker resale marketplaces are big in Southeast Asia, where NovelShip’s major competitors include Carousell-owned Ox Street, which has expanded to Australia.