The Novelship team
Novelship, a Singapore-based online marketplace for limited-edition sneakers, streetwear, and collectibles, today announced that it has raised close to US$10 million in Series A funding round co-led by GSR Ventures and East Ventures, with the participation of K3 Ventures and iGlobe Partners.
In a press statement, the company said that it plans to use the funding to support its further expansion in the Asia Pacific (APAC) market, particularly in countries where they already have a presence. It claimed to already have a “stronghold” in Singapore, Malaysia, Indonesia, Australia, New Zealand and Taiwan.
Novelship also aims to continue to explore metaverse integration and brand partnership in the retail space.
Its entry into the Web3 space began when the company introduced the use of cryptocurrencies as an alternate payment option on its marketplace.
“Since the start of this pilot, Novelship were able to serve more high-value customers thus increasing the average order value per customer. Over US$200,000 worth of sneakers has been bought in digital tokens in this period,” the company said.
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Founded in 2018, Novelship puts Generation Z as its core target audience as a marketplace. The company said that since its inception, it has been able to serve customers across APAC with the sales volume growing at a staggering rate of 5.3X in 2021.
Its marketplace sells products from leading fashion brands such as Nike, Air Jordan, Yeezy, and Supreme.
“The sneaker and streetwear market has a huge potential globally and Novelship is uniquely positioned to win not just in the region but across the globe: we have cracked the code in Asia and are building on this success to reach a global footprint. Street culture is one of the rare opportunities in retail that has a global community of loyalists and we intend to capitalise on this to fast-track expansion,” explained Novelship CEO Richard Xia.
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Image Credit: Novelship
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