SidelineSwap, the online marketplace for sports gear and equipment, announced a $2 million seed extension funding round.
Investors include Global Founders Capital, Haystack Partners, Riverpark Ventures and Fullstack Sports Ventures, along with the former CEO of Etsy Maria Thomas, the Formula One Managing Director and The Players’ Impact—a group of Olympians and professional athletes from the NHL, NBA, MLB and NFL.
SidelineSwap is a community of more than 150,000 athletes. While most people use the platform to sell last season’s equipment, top sellers earn over $100,000 annually and buyers save an average of 50 percent on each purchase. With 10 percent month-over-month growth during the past year, SidelineSwap has a larger section of used sports equipment than eBay in several sports. Launched as a marketplace designed for young athletes, SidelineSwap’s growth has singled it out as the top destination for deals in hockey, lacrosse, skiing, golf and baseball.
“We’re proud of what we’ve built to date for the sports industry, but we also recognize we’re only scratching the surface of what we can offer athletes who are looking for discounted gear,” said Brendan Candon, CEO of SidelineSwap. “This funding will allow us to make major improvements to the marketplace for both buyers and sellers and attract even more users by widening our reach and adding new sports.”
SidelineSwap is cornering the resale market of the $120 billion sporting goods industry to reach the 110 million people who buy equipment and gear annually. As the first of its kind in the sports industry, SidelineSwap is poised for similar success to marketplaces in the fashion industry, who are growing 4x faster than their retail counterparts. The funding will fuel further growth, and enable key engineering hires to improve the buying and selling experience.
“As a parent and a sports enthusiast, I love having a dedicated and reliable place to buy and sell our family’s sports gear,” said SidelineSwap investor, former Etsy CEO and current CMO of Remote Year, Maria Thomas. “I’m thrilled to support this team as they help athletes stay on top of their games.”
SidelineSwap was built by former athletes for athletes, with the goal of making sports gear more affordable. On average, buyers can save 50 percent off retail price just by shopping for lightly used gear, a huge draw for the sites userbase, which is predominately high school and college students. Additionally, SidelineSwap is activating an entirely new generation of sellers — 90 percent have never sold anything online before being introduced to the marketplace.
“In terms of the used sports equipment market, SidelineSwap is trying to change how and what products get to the consumer,” said pitcher for Minnesota Twins, Ryan O’Rourke. “To have elite level equipment showing up on youth fields all around the country is a testament to SidelineSwap’s idea, and more importantly the vision. I am excited to see the growth of this company knowing fully that youth athletes will be better equipped to enjoy the sport they love.”
The seed extension is SidelineSwap’s third round of funding. The company previously raised a $1.8 million seed round in spring 2016, and prior to that, $120,000 from family and friends in fall 2014. To date, the company has raised $4 million.
For more information about SidelineSwap please visit sidelineswap.com or download the iOS app.