SoleSavy announced it has raised $12.5 million in Series A funding led by Bedrock Capital. Other investors include 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 for the community-based sneaker startup was secured less than six months after an initial seed round of $2 million bringing the total funding to date to $14.5 million.
Since its launch, the company has experienced strong growth and “maintained a 90 percent daily active user rate,” said the brand. SoleSavy has also experienced “a threefold increase in membership and a revenue increase of 200 percent following the initial seed round in December 2020,” the brand continued.
More than 35 employees have been hired in Los Angeles, New York, Dallas, Vancouver, and Toronto, bringing experience from the Los Angeles Lakers, Nike’s Jordan Brand, Complex Networks, and JD Sports.
“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. “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.”
With this funding, SoleSavy plans to invest in the technology and services, including launching a peer-to-peer member marketplace this fall. SoleSavy’s footprint will expand outside North America to markets including Australia and New Zealand, United Kingdom, Singapore, Japan, Mexico, and Europe. SoleSavy will continue to invest in community-led content and experiences including its podcast network, editorial features, original video, and member events.
Photo courtesy SoleSavy