Sneaker marketplace Novelship bags US$10 million in Series A funding

LIMITED edition sneaker marketplace Novelship has raised US$10 million in Series A funding in a round led by GSR Ventures and East Ventures.

The funding round also saw participation from iGlobe Partners and K3 Ventures – the family office of Kuok Meng Xiong, the grandson of Malaysian business magnate Robert Kuok.

Novelship, founded in 2018, is an online marketplace for limited-edition sneakers, streetwear and collectibles from brands such as Nike, Air Jordan, Yeezy, Supreme and Kaws. The company said it curates and professionally authenticates every item in its collection.

The platform covers markets like Singapore, Malaysia, Indonesia, Australia, New Zealand and Taiwan. The funds raised will be used to strengthen Novelship’s leadership position in these markets while adding more Asia-Pacific markets.

The startup, which also supports cryptocurrencies payment for Bitcoin, Ethereum and USD Tether for “buy now” transactions, is also exploring metaverse integration and brand partnerships in the retail space.

Over US$200,000 worth of sneakers has been bought in digital tokens since Novelship offered this alternative payment option, it noted.