Streetwear marketplace Novelship raises US$9.5 million in Series B funding

SINGAPORE-BASED streetwear marketplace Novelship has raised US$9.5 million in Series B funding, the company said on Thursday (Sep 14).

Venture capital firm East Ventures led the round, which iGlobe Partners and GSR Ventures also participated in.

The funds will be used to improve the company’s logistics capabilities and authentication processes, grow its in-house offerings, and optimise its delivery process to be more environmentally-friendly. These will help grow its brand presence across South-east Asia, the company said.

Founded in 2018, Novelship is a marketplace to buy and sell authentic sneakers, limited-edition apparels, as well as physical and digital collectibles.

The company recently launched new in-house products in a collaboration with American rapper Snoop Dogg and is also diversifying to cater to a growing female market.

“We believe in making all products accessible to everyone...By diversifying and increasing women-centric products, we’re looking to create a more inclusive space within the sneaker community, ensuring that everyone’s passion is catered to and celebrated,” said Richard Xia, co-founder and chief executive of Novelship.