Singapore-based startup Novelship just announced that it has raised “a little over US$2 million” in seed funding.
The round was led by Global Founders Capital, which also invested in companies like Facebook, Lazada, Traveloka, and Slack.
Formally launched in 2017 by Singaporean friends Richard Xia Yang and Chris Xue, Novelship works like a Carousell for streetwear and sneakers.
As a marketplace, Novelship does not source for the items they list, but instead acts as a platform for resellers to connect with buyers.
The startup plans to use the new funds to fuel expansion in “key high-growth markets” across Asia Pacific, and has identified markets like Malaysia, Hong Kong, and Indonesia.
Said Xia: “Over the past six months we’ve seen a steady increase in demand across the region for luxury, limited-release sneakers and streetwear products.”
Novelship is reported to have moved over 1,500 products so far.