TechCrunch: Sneaker Community Startup SoleSavy Raises $12.5 Million Series A Funding
Posted on June 28th 2021, 5:45:50 pm
Category: B2B eCommerce
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SoleSavy is a subscription-based sneaker community that aims to build a space for sneaker enthusiasts to buy and sell hot sneakers and related items that are difficult to obtain at retail. They plan to launch a peer-to-peer marketplace this coming fall.
This Vancouver-based start-up raised a seed funding round of $2 million late last year and returned in the Series A funding round to raise $12.5 million. It proves investors’ interest in vertical-specific premium social experiences as well as the potential of this sector.
SoleSavy’s community is currently relying on the Slack group platform but in the future, the CEO Dejan Pralica envisions building its own chat hub. In the shorter term, SoleSavy aspires to create a hub of trusted buyers and sellers where a peer-to-peer market can thrive.
“I do envision an end-to-end platform that’s very integrated. I want to make sneakers fun again and enjoyable for the people that are passionate about them,” CEO Pralica shared.
Many sneaker communities have grown toxic since chat groups often disintegrate into a free-for-all. Pralica wants to fix this with a more curated approach through SoleSavy.
“I’ve been in a dozen or so different groups focused on buying large quantities of each release to resell over the years and many of them are, at best, rowdy and at worst toxic. That’s an environment that SoleSavy wanted to stay away from,” according to Pralica.
Since its seed round, the user base of SoleSavy has tripled, and its number of employees has increased from 10 to 37 over the same period. So far, the company is most active in North America. But with strong interest from investors in other regions, SoleSavy might expand into new markets. The new funding will also serve to develop new editorial networks such as podcasts, events, original videos, and member events.