East Ventures Leads Novelship Series B Funding Worth 146 Billion Rupiah
In the last few years, Novelship recorded a CAGR of 37% in terms of revenue and 55% in terms of transactions
East Ventures led the developer's startup's series B funding marketplace product sneakers Novelship is worth $9,5 million or the equivalent of 146 billion Rupiah. This round was also supported by a number of investors, including iGlobe Partners and GSR Ventures, two investors who were also involved in the previous round.
Last May 2022 New novelship close series A funding they are of almost the same value. GSR Ventures and East Ventures co-leads in this round.
"We're excited to continue supporting Novelship's journey as they reinvent the market and deliver unmatched value to fans sneakers and collectibles in this region. Novelship has been proven to be marketplace integrated to fulfill the desires of collectors. "We are proud to see how Novelship implements sustainable practices in their business operations," welcomed the Co-Founder & Managing Partner of East Ventures Willson Cuaca.
The fresh funds obtained strengthen existence brandNovelships in South East Asia. The strategy includes improving logistics capabilities, improving authentication processes, expanding collections, and prioritizing environmentally friendly shipping processes.
From shared internal data, in recent years Novelship has seen a compound annual growth rate (CAGR) of 37% in terms of revenue and 55% in terms of transactions.
"As collector priorities shift toward accessibility, efficiency, and integrity, Novelship continues to be committed to improving those aspects on our platform," said Novelship Co-Founder & CEO Richard Xia.
Market share sneakerss and point bread which exists
Product sneakers distributed through many channels. A number of business people such as Sneakers Debt are maximizing the platform marketplace Tokopedia style; Other brands such as Zalora or Erajaya Active Lifestyle also have e-servicestrade specifically, even integrated O2O with traditional retail. Local startup working on it marketplace for sneakers there are several, one of them Kick Avenue.
In the midst of vertical and horizontal competition in distribution services sneakers, demand for this product is very high in almost all consumer age ranges. In 2021 alone, globally there will be more than 20 billion pairs of shoes produced.
Novelship looks at it from another point of view, high production raises concerns about the impact on the environment. As consumers have a large collection of shoes, the resulting carbon footprint is also getting bigger. To address this issue, Novelship promotes sustainable products and creates awareness of responsible consumption.
This involves selecting items that are stylish and environmentally friendly, tailored for the discerning and discerning consumer. Since June 2023, Novelship has used 100% recycled materials for their shipping boxes in all markets.
Diversify categories and products in-house
Novelship is actively diversifying its collections to reach the growing female market. To support this, they increased shoe SKUs sneakers made for women with 100 SKUs, supporting inclusivity and affordability for all collectors.
As its customer base grew, Novelship also increased supply resulting in 150% list growth in fiscal 2022, including a 140% jump in women-centric SKUs.
Following Novelship's collaboration with Snoop Dogg to expand the collection, the company also launched a product in-house or with brand Novelship, including t-shirts, socks, shoelaces and shoe sole protectors.
“We believe all products created need to be accessible to everyone. Expansion of collections and product introduction in-house reflects our commitment to providing broader accessibility for all collectors. By diversifying and improving products for women, we want to create a more inclusive space in the community sneakers, ensuring that everyone's wishes are met and respected," added Richard.