With an annual growth rate of 5%, the global sneaker reseller industry has grown to $30 billion. In response to this demand, The Edit LDN, a global marketplace for limited edition sneakers and high-end streetwear, and an innovative sneaker platform, has closed $4.8M in a seed funding round by New York-based Regah Ventures (which also backed OVO Automotive). Further, sports celebrities, including New York Giants Captain Xavier McKinney, NBA superstar PJ Tucker, and Premier League soccer player Jesse Lingard also participated.
Also notched as ‘Farfetch of sneakers,’ in 2022, the company will launch in the US and MENA and use the funds to accelerate growth.
Moses Rashid, CEO at The Edit LDN, comments, “We have been laser focussed on providing a premium service and doing this super fast to anyone buying limited edition sneakers globally. This was an unmet need in the sneaker community, and our growing success is a testament to how we are conquering this. Having built relationships with brands, celebrities, and consigners, we can secure the most sought-after products by clients. Our robust authentication process and detailed supply chains has helped to grow trust and love for the brand – we will double down on our tech stack to ensure we are ahead of the curve to source, offer and send the latest sneakers to anyone, anywhere in the world quickly.”
Marketplace for limited edition sneakers
Moses Rashid founded The Edit LDN in his spare bedroom in 2020 out of passion and love for sneakers. The sneakerhead identifies a gap in the market and created the platform to connect investors and owners with buyers, redefining a market forecast to reach $30 million sales by 2030. Within two and a half years, he turned his passion into a multi-million-dollar business, which might reach a valuation of $115 million by 2026.
After seeing revenues grow 500%+ over the last year, The Edit LDN became the first sneaker marketplace to offer same-day delivery in the UK, and plans to expand to five new countries by 2023.
Currently, the London-based startup works with clients, including Harrods, Galeries Lafayette, Harvey Nichols, Soho House, and Threads Styling. Further, The Edit LDN was the first global sneaker platform to enter the Metaverse via Bloktopia and the first to accept Crypto payments.
Moses Rashid adds, “The limited edition sneaker market has reached the intersection between a fashion or cultural trend and a commodity as more buyers see purchases as an investment asset class. As a result, we’re noticing customers are creating collections and making up to 5 purchases a month at a typical value of $430 per transaction.”
Mark Hager, CEO at Regah Ventures, comments, “We are backing The Edit LDN to be the most disruptive and innovative global marketplace for limited sneakers, streetwear, and collectibles. With unique market positioning, celebrity endorsements, and the powerful brand they built in a short time, it is a really exciting business. We have every confidence in Moses and the wider management team to quickly turn this into a $1billion+ business, and we at Regah Ventures are delighted to be a part of the journey”.
Furthermore, the platform considers itself the first global reseller to pledge to remove one kilogram of plastic per sale from the oceans,
The post The Edit LDN, the ‘Farfetch of sneakers,’ straps $4.8M for its Metaverse store and more appeared first on Tech Funding News.