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Tokyo-based SODA, which runs Japan’s largest sneaker resell platform, lands $22 million led by SoftBank Ventures Asia

Tokyo-based SODA, which runs Japan’s largest sneaker resell platform, lands $22 million led by SoftBank Ventures Asia
Technology
While the COVID-19 pandemic was initially expected to put a damper on the sneaker resell market, C2C marketplaces have actually seen their business increase. For example, StockX, one of the biggest sneaker resell platforms in the world (which hit a valuation of $2.8 billion after its recent Series E), were its biggest months for sales ever.

StockX raises $275M Series E, valuing the retailer at $2.8B

SNKRDUNK’s sales also grew last year, and in December 2020, it recorded a 3,000% year-over-year increase in monthly gross merchandise value. Chief executive officer Yuta Uchiyama told TechCrunch this was because demand for sneakers remained high, while more people also started buying things online.

Launched in 2018, SNKRDUNK now has 2.5 million monthly users, which it says makes it the largest C2C sneaker marketplace in Japan. The Series B will allow it to speed up the pace of its international expansion, add more categories and expand its authentication facilities.

Like StockX and GOAT, SNKRDUNK’s user fees cover authentication holds before sneakers are sent to buyers. The company partners with FAKE BUSTERS, an authentication service based in Japan, to check sneakers before they are sent to buyers.

In addition to its marketplace, SNKRDUNK also runs a sneaker news site and an online community.

SODA plans to work with other companies in SoftBank Venture Asia’s portfolio that develop AI-based tech to help automate its operations, including logistics, payment, customer service and counterfeit inspection.
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