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Aditya Hadi Pratama · · 1 min readSoftBank’s VC arm leads Japanese sneaker marketplace’s $56.4m round
Soda, a Japan-based online sneaker marketplace, announced that it has raised US$56.4 million in its latest funding round.
More funding details
- Lead investor: SoftBank Ventures Asia (the early-stage VC arm of SoftBank Group)
- Other investors: Altos Ventures, Jafco, and Korean sneaker reselling platform Kream
- Stage: Series C
More company updates
- With the latest round, Soda has raised a total of US$81.4 million from investors to date.
- According to the firm’s chief executive, Yuta Uchiyama, the company will use the new funds to enhance the digitalization of its sneaker marketplace and expand into the rest of Asia, beginning with Indonesia and the Philippines next year.
- Soda put in part of its overall funding to acquire Monokabu, Japan’s second-largest operator in the sneaker market. Following the takeover, Soda claims to have 80% of the market share in the country’s sneaker resale industry.
- The company runs an online sneaker marketplace called Snkrdunk, which currently has 2.5 million monthly users. In May 2021, its sales increase 10x compared to the past 12 months.
- In January, SoftBank Ventures Asia also led Soda’s US$22 million series B round.
For more coverage of the company, head here. You can also click on the link below to view key details about the company as well as its funding history.
Editing by Collin Furtado and Arpit Nayak
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