The global sneaker reseller market has grown into a $30bn industry and is steadily growing 5% year on year. Serving this demand, sneaker marketplace The Edit LDN has raised $4.8m seed funding as it scales into the US and MENA region following a successful two years since launch.
The Edit LDN was founded in January 2020 by Moses Rashid in his spare bedroom, out of a pure passion and love for sneakers and it has quickly become a multi-million dollar business within just two years. Seeing a gap in the market for luxury in the sneaker space, The Edit LDN built its proprietary technology facilitating a global marketplace with a focus on speed, efficiency and experience. They offer the ability for a Same Day Service, through to storage facilities for Resellers, as well as a proactive seller service through their Personal Shopping team.
With revenues growing 500%+ year on year, they connect highly engaged buyers with the most premium resellers offering authenticate items at speed. Today, The Edit LDN is a premium online marketplace for limited edition sneakers, streetwear and collectables. It is widely considered to be the most innovative and disruptive platform in their respective market with its proprietary tech platform and mobile apps.
Moses Rashid, CEO at The Edit LDN comments: “We have been laser focussed on providing a premium service and doing this super fast to anyone buying limited edition sneakers globally. This was an unmet need in the sneaker community and our growth success is testament to how we are conquering this. Having built relationships with brands, celebrities and consigners, we can secure the most sought after products by clients. Our robust authentication process and detailed supply chains has helped to grow trust and love for the brand – we will double down on our tech stack to ensure we are ahead of the curve to source, offer and send the latest sneakers to anyone, anywhere in the world quickly.”
Looking ahead, Rashid adds: “The limited edition sneaker market has reached the intersection between a fashion or cultural trend and a commodity as more buyers see purchases as an investment asset class. We’re noticing customers are creating collections and making up to 5 purchases a month at a typical value of $430 per transaction.”
The seed round was led by Regah Ventures – early investors to Uber, Coinbase and Instacart – with participation from sports celebrities including New York Giants Captain Xavier McKinney, NBA superstar PJ Tucker and Premier League soccer player Jesse Lingard.
On leading the seed funding round, Mark Hager, CEO at Regah Ventures says: “We are backing The Edit LDN to be the most disruptive and innovative global marketplace for limited sneakers, streetwear and collectibles. With unique market positioning, celebrity endorsements, and the powerful brand they have built in a short space of time, it is a really exciting business. We have every confidence in Moses and the wider management team to turn this into a $1billion+ business quickly, and we at Regah Ventures are delighted to be a part of the journey”.