SoftBank Ventures Asia leads $22m round in Japanese sneaker marketplace Soda

Online sneaker marketplace Soda announced it has secured US$22 million in a series B round led by SoftBank Ventures Asia.

Japanese investors Colopl Next, The Guild, Basepartners, and other strategic partners also participated, according to a statement. The latest injection follows Soda’s US$3 million series A round last year, bringing its total raised funds to US$25 million so far.

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In 2018, Soda launched its customer-to-customer marketplace Snkrdunk, which now has over 2.5 million monthly users in Japan. Through the platform, users can buy and sell sneakers safely as it offers legitimacy checking services through local authentication provider Fake Busters.

Soda says that in December 2020, it logged a monthly gross merchandise volume increase of 3,000% compared to the previous year.

The company plans to use the new funding to accelerate its global business expansion, set up new authentication facilities, and widen its handling categories.

“We will collaborate with SoftBank Ventures Asia’s network of AI companies for the innovative synergies such as logistics, payment, customer support, and authentication to create a more excellent customer experience,” said Soda CEO Yuta Uchiyama.

SoftBank Ventures Asia’s CEO and managing partner JP Lee added that Soda will be able to integrate AI to automate part of its operations, including counterfeit inspection, supply management, and customer services.

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Founded in 2000, SoftBank Ventures Asia is the early-stage venture capital arm of Masayoshi Son’s conglomerate SoftBank Group. The investment firm currently operates US$1.3 billion assets under management, backing startups focused on artificial intelligence, internet of things, and smart robotics.