The online marketplace for limited edition sneakers, streetwear and collectibles, The Edit LDN, has announced a 4.8 million US dollar (around 3.9 million British pounds) seed funding round as the London-based company expands its reach into the United States, Middle East and North Africa.
The seed round is led by New York-based Regah Ventures, an early investor in Uber, Coinbase and Instacart, and includes participation from sports celebrities like New York Giants captain Xavier McKinney, NBA superstar PJ Tucker and Premier League soccer player Jesse Lingard.
“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 more than one billion US dollar business quickly, and we at Regah Ventures are delighted to be a part of the journey,” said Mark Hager, CEO at Regah Ventures.
“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,“ commented The Edit LDN CEO Moses Rashid in a press released published today.
Filling a gap in the luxury sneaker space
The marketplace currently boasts revenues growing at more than 500 percent year on year, relying on a business model that fills a gap in the luxury sneaker space by connecting highly engaged buyers with premium resellers and offering authenticated items in a timely fashion. The Edit LDN uses proprietary technology that focuses on speed, efficiency and experience and offers services like storage facilities, a personal shopping team and same day delivery service as the first sneaker marketplace in the UK. In 2023, The Edit LDN plans to expand the service to five new countries.
“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,” promised Rashid.
The Edit LDN was founded in January 2020 by Rashid in his spare bedroom out of a passion for sneakers and has become a multi-million dollar business within just two years. It expanded its team from 18 to 45 people including a financial director who joined from StockX. The Edit LDN is also the first global sneaker platform to enter the metaverse via Bloktopia, along with being the first to accept Crypto payments.
In 2022, the company signed a two year global partnership agreement with the Chicago Bulls, the world's sports biggest franchise. It also launched as the first reseller at Harrods department store already in 2021 and new concession spaces at Galeries Lafayette in Doha in November 2022. It signed an agreement with Harvey Nichols to launch in Riyadh in February of this year. Sustainability initiatives include the PreLoved Marketplace launched in November 2022 and an investment in technology that converts cardboard boxes into bubble wrap.
The sneaker industry is currently valued at 30 billion US dollars (almost 25 billion British pounds) globally.