Japan’s largest sneaker economy platform, Tokyo-based SODA.
Tokyo-based SODA, which runs sneaker
reseller platform SNKRDUNK, has raised Series 22 million for Series B, led by
Softbank Ventures in Asia. Investors also included grassroots partners, Colopl
Next, The GUILD, and other strategic partners. A portion of the money will be utilized
to extend to other Asian countries. The vast majority of SNKRDUNK's exchanges
are currently directed in Japan, however, it plans to turn into a cross-border
market.
Last year SODA’S teamed up with the 3
million series, bringing the total start-up funding to $25 million.
Although the COVID-19 pandemic is
expected to initially require a damper in the sneaker reseller market, C2C
markets have seen their business grow. For example, one of the world's largest
sneaker resale platforms, Stockx (which valued at $2.8 billion after its most
recent E-series) said sales in May and June 2020.
Sales of SNKRDUNK’S also increased last
year and in December 2020, the monthly gross price of merchandise increased by 3,000%
year-on-year. CEO Yuta Uchiyama told TechCrunch that this was because the
demand for sneakers was high and more people started buying things online.
Launched in 2018, SNKRDUNK now has 2.5
million monthly users, which it says makes it the largest C2C sneaker market in
Japan. Series B will allow you to accelerate your international expansion, add
more categories, and expand your authentication opportunities.
Like StockX and GOAT, SNKRDUNK’s user fees cover authentication holds
before sneakers are sent to buyers. The company partners with FAKE BUSTERS, an
authentication service based in Japan, to check sneakers before they are sent
to buyers.
In addition to its market, SNKRDUNK has
a sensitive news site and an online community.
Soda Softbank plans to work with other
AI-based technology developers in the Venture Asia portfolio to help automate
their supplies, including logistics, delivery, customer service, and counter
inspection.
AUTHOR-M.ZAMAN(RASEL)
Japan’s largest sneaker reselling platform.){kind=link}
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