Japanese sneaker platform SODA raises $56.4M, accquires rival Monokabu – TechCrunch

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Simply half a yr after main SODA’s Collection B, SoftBank Ventures Asia is elevating its wager on the Tokyo-based sneaker resell platform. The early-stage enterprise capital arm of SoftBank Group introduced in the present day it has returned to guide SODA’s Collection C, which at the moment totals $56.four million.

Different traders embody South Korean sneaker reselling platform KREAM (one other SoftBank Ventures Asia portfolio firm), Altos Ventures and JAFCO.

Launched in 2018, SODA runs SNKRDUNK, one in every of Japan’s largest sneaker reselling platforms with about 2.5 million month-to-month customers. Together with its new funding, SODA introduced it has acquired rival Monokabu. SODA mentioned that the deal means its share of Japan’s sneaker resale trade is now 80%, making it the market chief by far.

A SoftBank Ventures Asia spokesperson advised TechCrunch the fund determined to put money into SODA once more as a result of the corporate’s development has elevated quickly since its earlier funding. SODA’s post-money valuation is now about 24 billion JPY, or about $218 million USD.

A part of SODA’s Collection C funding may also be used to broaden into different Asian markets, beginning with Indonesia and the Philippines subsequent yr as a result of each international locations have rising e-commerce markets and a big proportion of Era Zs, a super mixture for SNKRDUNK.  

 

The corporate’s earlier funding, its $22 million Collection B, was introduced in January. On the time, Uchiyama advised TechCrunch demand for sneakers remained excessive regardless of the pandemic’s financial impression and elevated adoption of on-line procuring additionally helped drive gross sales.

SODA claims it hit document gross sales of $34.7 million in Could 2021, rising 900% year-over-year. Regardless of COVID-19, many sneaker C2C marketplaces, like StockX, have additionally seen their gross sales enhance.

SNKRDUNK will work carefully with KREAM to share data about sneaker authentication, stock administration, logistics and different operations-related areas, with the aim of accelerating their share of the Asian sneaker resell market.

Along with KREAM and SODA, SoftBank Ventures Asia can be an investor in China-based sneaker buying and selling platform Good.

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