SoleSavy secures $12.5 million in Series A funding round
Canadian community-based sneaker startup SoleSavy has raised $12.5 million in Series A funding to ultimately help the company grow through investments in technology, product, services and more.
The funding round was led by Bedrock Capital and 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 follows an initial seed round of $2 million, secured in December, bringing the company’s total funding to date to $14.5 million.
SoleSavy will expand its offerings this fall to include a peer-to-peer member marketplace that will change how members interact and purchase sneakers. Next, SoleSavy’s footprint will expand beyond North America to markets including Australia and New Zealand, United Kingdom, Singapore, Japan, Mexico and Europe, while it continues to invest in community-led content and experiences including the SoleSavy podcast network, editorial features, original video, and unique member events.
“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.”
Founded by Pralica and Justin Dusanj in 2018, SoleSavy has experienced impressive growth since inception. It maintains a 90 percent daily active user rate, has experienced a three-fold increase in membership and a revenue increase of 200 percent.
Following the initial seed round, the company has hired more than 35 employees 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.
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