Singapore-based online streetwear marketplace, Novelship, has bagged US$9.5 million in its Series B funding round led by East Ventures, iGlobe Partners and GSR Ventures. The new funds will accelerate the company’s move to amplify its brand presence across Southeast Asia. This includes enhancing its logistics capabilities, refining authentication processes, expanding its slew of in-house collections, and optimizing its environmentally-conscious delivery process.
Founded in 2018, Novelship started as Asia’s fastest-growing marketplace for buyers and sellers to trade 100% authentic sneakers, limited-edition apparels and exclusive physical and digital collectibles. Today, Novelship is set to become one of the leading fashion icons in Asia, with the brand’s user base doubling each year.
“As collectors’ priorities shift 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,” said Richard Xia, Co-Founder and CEO of Novelship.
Following the brand’s recent collaboration with Snoop Dogg to expand its collection, Novelship recently launched new in-house products, including Novelship branded T-shirts, socks, shoelaces, and Shoe Sole Protectors.
Snoop Dogg and his son Cordell with Richard Xia (left) and Kenji Narushima (right)
Novelship is also actively diversifying its collections to serve a growing female market. As such, the company has significantly increased women-centric sneaker SKUs by 100, enhancing inclusivity and affordability for all collectors. As its customer base expands, Novelship is working to source for more supplies, leading to an estimated 150% overall listing growth in the fiscal year 2022, with an exceptional 140% surge in women-centric SKUs alone.
“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. 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,” Richard adds.
With a staggering 20 billion pairs of shoes produced globally in 2021, the industry’s rapid growth has raised concerns about its environmental impact. As consumers amass extensive shoe collections, the resulting carbon footprint has also become equally substantial.
Dedicated to tackling this challenge, Novelship is going beyond promoting sustainable products by championing mindful consumption. This involves curating offerings that are both stylish and eco-conscious, tailored to the increasingly discerning and conscientious consumer market. Since June 2023, the company has also adopted 100% recycled materials for its delivery boxes across all markets.
“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. 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. We look forward to experiencing more excitement in the near future,” said Willson Cuaca, Co-Founder and Managing Partner at East Ventures.
Novelship has rapidly expanded in recent years, with a compound annual growth rate (CAGR) of 37% in revenue and 55% in transactions. Come November this year, Novelship will be taking part in the highly-anticipated Sneakerland Australia, connecting with collectors and enthusiasts from Down Under.