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

Just half a year later Major SODA Series B, SoftBank Ventures Asia is stepping up its bets on a Tokyo-based sneaker resale platform.SoftBank Group’s early stage venture capital division announced today that it has returned to the lead. sodaSeries C currently totals $ 56.4 million.

Other investors include South Korean sneaker resale platform KREAM (another SoftBank Ventures Asia portfolio company), Altos Ventures and JAFCO.

SODA released in 2018 SNKRDUNK, One of Japan’s largest sneaker resale platforms with about 2.5 million monthly users.With new funding, SODA announced that it has acquired a rival Monocub.. According to SODA, the transaction now has an 80% share of the Japanese sneaker resale industry, making it an overwhelming market leader.

A spokesperson for SoftBank Ventures Asia told TechCrunch that the fund has decided to invest in SODA again as the company’s growth has increased rapidly since its previous funding. The ex-post valuation of SODA is currently about 24 billion yen, or about US $ 218 million.

Part of SODA’s Series C funding will also be used to expand into other Asian markets, including Indonesia and the Philippines. This is due to the growing e-commerce markets in both countries and the high proportion of Generation Z, the ideal combination for SNK RDUNK.

The company’s previous funding, the $ 22 million Series B, was announced in January. At the time, Uchiyama said TechCrunch’s demand for sneakers remained high despite the economic impact of the pandemic, and increased adoption of online shopping also helped boost sales.

SODA claims to have achieved record sales of $ 34.7 million in May 2021, up 900% year-on-year. Despite COVID-19, many sneakers C2C marketplace, StockX, Sales are also increasing.

SNKRDUNK aims to work closely with KREAM to share knowledge in sneaker certification, inventory management, logistics and other operational areas and increase its share in the Asian sneaker resale market. increase.

In addition to KREAM and SODA, SoftBank Ventures Asia is also an investor in the China-based sneaker trading platform Nice.

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

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