Novelship has rapidly expanded, with a Compound Annual Growth Rate (CAGR) of 37% in revenue and 55% in transactions.
Heaptalk, Jakarta — Singapore’s online streetwear marketplace platform, Novelship, has obtained new funding in a Series B round worth US$9.5 million. In this investment, several strategic investors, including East Ventures, iGlobe Partners, and GSR Ventures, led this round.
This startup will utilize its Series B injection to expedite its presence across Southeast Asia by enhancing its logistics capabilities, refining authentication processes, expanding its slew of in-house collections, and optimizing its environmentally-conscious delivery process.
“As collectors’ priority shifts towards accessibility, efficiency, and integrity, Novelship stands firm in our dedication to enhance these aspects on our platform. 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 Co-Founder and CEO of Novelship, Richard Xia, stated.
This industry in Indonesia continues to increase, with a staggering 20 billion pairs of shoes produced globally in 2021. The company perceives this trend as raising concerns about the environmental impact. As consumers amass extensive shoe collections, the resulting carbon footprint has become equally substantial.
To tackle this issue, Novelship encourages the increase of sustainable products to make a mindful consumption of people. This goal involves curating stylish and eco-conscious offerings tailored to the increasingly discerning and conscientious consumer market. As a result, the startup has adopted 100% recycled materials for its delivery boxes across all markets.
Founded in 2018, Novelship initiated its existence as a marketplace for buyers and sellers to trade 100% authentic sneakers, limited-edition apparel, and exclusive physical and digital collectibles. This streetwear marketplace startup diversifies its collections to serve a growing female market. To support this, the company has enhanced the Stock Keeping Unit (SKU) for women-centric sneakers up to 100 SKUs, developing inclusivity and affordability for all collectors.
As its customer base expands, this marketplace platform boosts its supplies, leading to an estimated 150% overall listing growth in the fiscal year 2022, with an exceptional 140% surge in women-centric SKUs. On the other hand, following the brand’s recent collaboration with Snoop Dogg to expand its collection, Novelship recently launched new in-house products, including its branded T-shirts, socks, shoelaces, and Shoe Sole Protectors.
“We are delighted to continue supporting Novelship’s journey as they redefine the market and deliver unparalleled value to sneakers and collectible enthusiasts in the region. This platform has been proven as a one-stop marketplace to fulfill collectors’ desires. We also take great pride in witnessing how the company incorporates sustainable practices into its operations. We look forward to experiencing more excitement in the future,” Co-Founder and Managing Partner at East Ventures, Willson Cuaca, said.
Novelship has rapidly expanded, with a Compound Annual Growth Rate (CAGR) of 37% in revenue and 55% in transactions. This coming November, the startup will participate in the highly-anticipated Sneakerland Australia, connecting with collectors and enthusiasts from Down Under. The startup is claimed to become one of the leading fashion icons in Asia, with the brand’s user base doubling each year.
