Novelship, an e-commerce marketplace focusing on limited edition sneakers and streetwear, has secured US$2.05 million in seed funding led by Global Founders Capital.
Global Founders Capital is a global investor in all stages of a firm's growth. It has backed companies such as Slack, Facebook, Linkedin and Traveloka.
Since launch, Novelship has raised US$2.3 million in total funding from angel investors and organisations. The investment from Global Founders Capital marks Novelship’s first collaboration with an institutional investor.
Novelship CEO and co-founder Richard Xia said: “Over the past six months, we’ve seen a steady increase in demand across the region for luxury, limited-release sneakers and streetwear products. 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.”
The company is looking to expand in markets outside of Singapore including Malaysia, Hong Kong and Indonesia.