Vancouver-based SoleSavy, a sneaker community startup, has raised $12.5 million in a Series A financing. The round, which brings total funding to $14.5 million, was led by Bedrock Capital, with participation from Jason Calacanis’ LAUNCH, Panache Ventures, Origin Ventures, Bessemer Ventures, Turner Novak’s Banana Capital, Dapper Labs’ CEO Roham Gharegozlou, Shopify’s president Harley Finkelstein and Thomas Wesley Pentz.
VANCOUVER, British Columbia, June 21, 2021 (GLOBE NEWSWIRE) — SoleSavy, a community-based sneaker startup, announced today it has raised $12.5 million in Series A funding, led by Bedrock Capital and joined by notable investors including Jason Calacanis’ LAUNCH, Panache Ventures, Origin Ventures, Bessemer Ventures, Turner Novak’s Banana Capital, Dapper Labs’ CEO Roham Gharegozlou, Shopify’s President Harley Finkelstein and Thomas Wesley “Diplo” Pentz. This round was secured less than six months after an initial seed round of $2 million, bringing total funding to date to $14.5 million.
Founded by Dejan Pralica and Justin Dusanj in 2018, SoleSavy’s mission is to tackle the biggest problems plaguing the footwear industry by leveraging the passion of the sneakerhead community. Since its launch, the company has experienced impressive growth and maintained a 90% daily active user rate. SoleSavy has also experienced a threefold increase in membership and a revenue increase of 200% following the initial seed round in December 2020. More than 35 employees have been hired in Los Angeles, New York, Dallas, Vancouver and Toronto, bringing a wealth of experience from the Los Angeles Lakers, Nike’s Jordan Brand, Complex Networks, JD Sports and more.
“SoleSavy aims to solve the current challenges of the sneaker industry—one that has evolved from people enjoying their passion to being exploited for profit,” said Dejan Pralica, Co-Founder and CEO of SoleSavy. “With explosive member growth that has translated into a highly engaged community, we’re clear on the problems that must be solved, and how we can help make sneakers better for all types of enthusiasts. This new round of investment will help accelerate our mission, as we invest more into technology, hire the best talent, and launch new products and services.”
Sneaker culture has shifted dramatically in recent years from one of passion, community and joyful pursuit to an often-glamorized resale market. Over the last decade, the majority of investments in the sneaker space have continued to fuel the resale market (expected to reach $30 billion by 2030) leaving the industry plagued by issues that negatively impact the consumer including bots, fraud, market manipulation, and additional unfair practices. With this funding, SoleSavy plans to invest in the technology and services needed to bring people and passion back to the forefront of the sneaker industry.
SoleSavy will expand their offerings this fall to include a peer-to-peer member marketplace that will change how members interact and purchase sneakers. By building on principles of trust, transparency, and fun, this new kind of social-first marketplace will ensure that people and their collections are the driving force of exchanges. SoleSavy’s footprint will expand beyond North America to markets including Australia and New Zealand, United Kingdom, Singapore, Japan, Mexico and Europe. SoleSavy will also continue to invest in community-led content and experiences including the SoleSavy podcast network, editorial features, original video, and unique member events.
SoleSavy is a VC-backed startup that touches all aspects of sneaker culture and makes it easier for more people to get and enjoy sneakers that are increasingly hard to acquire at retail. Founded on the notion of community and connection above all, SoleSavy is a group of communities currently hosted in digital cohorts. Through these channels, SoleSavy prepares their members with accurate information, direct purchase links, and time-sensitive alerts on key releases. The communities allow for consumers to come together digitally, build relationships over sneakers, streetwear and collectibles and ultimately foster a safe space where members can connect over their interests. For more information please visit www.solesavy.com. SoleSavy is currently available in the United States and Canada. Follow SoleSavy on Instagram @solesavy or Twitter @solesavy.