SG’s Novelship closes $2m seed round led by Global Founders Capital

Novelship team.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.