Sneaker marketplace The Edit LDN has raised $4.8 million in seed funding to help it scale in the U.S. and MENA (Middle East North Africa) region. The seed round was led by Regah Ventures, with participation from sports celebrities including New York Giants Captain Xavier McKinney, NBA athlete PJ Tucker and Premier League soccer player Jesse Lingard.
Revenue at The Edit LDN has been growing faster than 500% annually over the past two years as the marketplace rides the momentum of the $30 billion sneaker resale market, which has been seeing 5% annual growth as a whole. The retailer is built on proprietary technology and offers same-day delivery in the UK (with plans to expand this service to five additional countries in 2023), storage facilities for resellers and a proactive seller service through its Personal Shopper team.
“We have been laser focused on providing a premium service and doing this super-fast to anyone buying limited edition sneakers globally,” said Moses Rashid, CEO at The Edit LDN in a statement. “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 have 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.”
The Edit LDN has signed a partnership with the Chicago Bulls that will include digital and social content, events and exclusive offerings for Bulls season ticket holders. Harrods made the marketplace its first official reseller in 2021, and The Edit LDN also has entered the metaverse through Bloktopia and started accepting crypto payments.
“We are backing The Edit LDN to be the most disruptive and innovative global marketplace for limited sneakers, streetwear and collectibles,” said Mark Hager, CEO at Regah Ventures in a statement. “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-plus business quickly, and we at Regah Ventures are delighted to be a part of the journey.”