Tokyo-based SODA, which runs sneaker reselling platform SNKRDUNK, has raised a $22 million Series B led by SoftBank Ventures Asia.
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), said May and June 2020 were its biggest months for sales ever.
Launched in 2018, SNKRDUNK now has 2.5 million monthly users, which it says makes it the largest C2C sneaker marketplace in Japan.
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.
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.