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.
Two Funding Rounds Show Where the Sneaker Market Is Headed
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Industry Moves: SoleSavy to Launch Women s Community With Anna Bediones, Lamo Sheepskin + More
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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. SoleSavy aims to keep sneakers away from resellers. SoleSavy This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
SoleSavy is a platform aiming to foster a community of sneaker enthusiasts who are not interested in reselling.
The platform recently raised $2 million in seed funding, as part of a round closed at the end of 2020.
For $33 dollars a month, SoleSavy members are granted entry into an exclusive online community and given the tools to successfully buy sneakers online.
SoleSavy is an anti-cook, sneaker cook group that aims to beat resellers at their own game, by helping its members buy one pair only for themselves.