Novelship founder Richard Xia (left) with rapper Snoop Dogg (second from right) / Photo credit: Novelship
Novelship, a Singapore-based online streetwear marketplace, has secured US$9.5 million in a series B funding round led by East Ventures, iGlobe Partners, and GSR Ventures.
Established in 2018 by Richard Xia, Novelship carries sneakers, clothing, as well as physical and digital collectibles.
The firm recently announced that it had onboarded American rapper Snoop Dogg as a strategic advisor.
The marketplace aims to increase its overall listings by 150% for its 2022 fiscal year. It also highlighted a growing interest among women customers – listings of products catered to women are expected to surge by 140% for the year.
Funding details
- Funding amount: $9,500,000
- Lead investors: East Ventures, iGlobe Partners, GSR Ventures (金沙江创投)
- Stage: Series B
- Source
With the new capital, Novelship looks to boost its presence across Southeast Asia by improving its logistics operations and authentication processes as well as expanding its offerings.
Novelship is part of a rising crop of niche recommerce marketplaces that offer a middle ground between generalized platforms and hyperspecialized online communities.
According to the company, it recorded a compound annual growth rate of 37% in revenue and 55% in transactions in recent years, though it did not specify an exact timeframe.
However, its audited financial statement for FY2022 showed it generated US$33.2 million in revenue, according to VentureCap Insights, which tracks regulatory filings in Singapore.
This is an almost 4x growth compared to the previous year. Cost of sales, however, grew at almost the same rate to land at US$35.3 million.
See also: Niche recommerce takes the fight to Carousell in SEA
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