Singapore-based streetwear marketplace banks $2m in Global Founders-led round

Novelship, a Singapore-based startup operating a marketplace for sneakers and streetwear, has raised a little over US$2 million in a seed round led by Global Founders Capital, which also backed companies like Lazada, Traveloka, Facebook, and Slack.

The round pushes the startup’s total capital raised to US$2.3 million, which includes investments from angel investors and organizations.

From left: Novelship chief operating officer Chris Xue, Global Founders Capital partner Tito Costa, and Novelship CEO Richard Xia / Photo credit: Novelship

The startup plans to use the new funds to fuel its expansion in “key high-growth markets” across Asia Pacific, said CEO and co-founder Richard Xia. It’s eyeing Malaysia, Hong Kong, and Indonesia as potential target markets for expansion.

“Over the past six months we’ve seen a steady increase in demand across the region for luxury, limited-release sneakers and streetwear products,” Xia said.

Launched in October 2018, Novelship specializes in limited-edition products from brands like Nike, Air Jordan, Yeezy, and Supreme. It said it authenticates every item bought and sold through its online platform to ensure legitimacy.

The company claims to have moved over 1,500 products, with users located mainly in Asia Pacific.