Sneaker resale platform Wethenew secures 20 million euro funding

Wethenew, a resale platform for authenticated sneakers and streetwear, has announced the closing of a 20 million euro Series B funding round.

The later stage venture capital is the third fundraising the company has secured since its launch in 2018 and comes less than two years after its previous round, when it snapped up 10 million euros.

The new raise was backed by C4 Ventures and Chalhoub Group, and brings its total funding to 31 million euros.

In a LinkedIn post, co-founder and co-CEO of the firm, Michael Holzmann, said: “This fundraising marks a turning point in our history, but it highlights the work, involvement and ambition of a team of 120 people who have built a French leader in 5 years and who allow us to achieve such successes.

“In 2018, with David Benhaïm, we entered through the back door of this market: that of limited edition sneakers. A few years later, Wethenew became a destination where people indulge in fashionable, demanded and authentic sneakers and streetwear.”

The latest funding further cements the resale market’s place in fashion’s future, with a recent report by ThredUp stating that the sector is forecast to reach the 350 million dollar mark by 2027.

It is also the most recent sneaker-focused resale site to secure such a sum. Earlier this week, Web3-based sneaker site MetaZ snapped up a one million dollar investment, while in January online marketplace The Edit LDN closed a 4.8 million dollar round.