Novelship, a Singapore-based sneaker and streetwear marketplace, on Tuesday announced the close of a $2.05-million seed round led by Global Founders Capital.
Including the fresh funding, the startup said it has now raised a total of $2.3 million from angel investors and organisations.
Global Founders Capital is a Berlin-based investor that has backed companies such as Facebook and Slack. In Southeast Asia, its portfolio includes Indonesian unicorns Traveloka and Lazada, and Malaysian healthtech startup Naluri Hidup.
Novelship said it plans to use the funds to expand to new markets, including Malaysia, Hong Kong, and Indonesia.
“Over the past six months, we’ve seen a steady increase in demand across the region for luxury, limited-release sneakers and streetwear products,” said Richard Xia, CEO and co-founder of Novelship. “With the additional capital from Global Founders Capital, we will fuel our rapid expansion into key, high-growth markets and become a leader across the Asia-Pacific region.”
Launched in October 2018, Novelship operates an online marketplace specialising in limited-edition sneakers and streetwear from brands including Nike, Air Jordan, Yeezy, and Supreme. According to Novelship, it has sold over 1,500 limited-edition sneakers and luxury streetwear products on its platform across the region.