Communicate half a year after leading SODA’s Series B , SoftBank Ventures Asia is pulling its bet on the Tokyo-based sneaker resell platform. Of the early-stage venture capital arm at SoftBank Group announced nowadays it has returned to lead SODA ’s Series C, which may currently totals $56. 2 million.
Different kinds of investors include South Korean language sneaker reselling platform KREAM (another SoftBank Ventures Japan portfolio company), Altos Journeys and JAFCO.
Launched in 2018, POP runs SNKRDUNK , one of Japan’s largest sneaker reselling networks with about 2 . the million monthly users. Together with its new funding, BAKERY announced it has acquired compete with Monokabu . SODA said that the offer means its share together with Japan’s sneaker resale area of trading is now 80%, making it sales leader by far.
A SoftBank Ventures Asia spokesperson spoke to TechCrunch the fund decided i would invest in SODA again mainly because company’s growth has increased constantly since its previous funding. SODA’s post-money valuation is now on the subject off 24 billion JPY, perhaps about $218 million USD.
Has turned into a SODA’s Series C borrowing will also be used to expand on to other Asian markets, starting with Philippines and the Philippines next year simply because both countries have safe and natural e-commerce markets and a excellent percentage of Generation Zs, an ideal combination for SNKRDUNK.
The company’s survive funding, its $22 k Series B, was publicized in January. At the time, Uchiyama told TechCrunch demand for trainers remained high despite the pandemic’s economic impact and concentrated adoption of online shopping as well as helped drive sales.
SODA claims the house hit record sales most typically associated with $34. 7 million in-may 2021, growing 900% year-over-year. Despite COVID-19, many sport shoes C2C marketplaces, like StockX , have also seen their revenues increase.
SNKRDUNK will work closely with KREAM to share knowledge about sneaker authentication, inventory management, logistics as well as operations-related areas, with the has to be of increasing their share with this Asian sneaker resell economy.
In addition to KREAM and SODA, SoftBank Businesses Asia is also an investor around China-based sneaker trading platform Solid.