British sneaker marketplace The Edit LDN secures $4.8M as demands soars
The Edit LDN has grown revenue over 500% every year since launch and the $4.8M seed funding round will accelerate growth in global markets starting with US and MENA following successful launches in 2022.
The global sneaker reseller market has grown into a $30 billion industry and is steadily growing 5% year on year. Serving this demand, rapidly growing sneaker marketplace The Edit LDN is today announcing a $4.8M seed funding as it scales into the US and MENA region following a successful two years since launch. 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.
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 commented: “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.”
2022 business highlights:
Signed a two year global partnership agreement with the Chicago Bulls, the world's sports biggest franchise.
Became the first sneaker marketplace to offer “Same Day Delivery Service” in the UK with plans to offer this five new countries in 2023
Having launched as the first reseller in the iconic department store Harrods in 2021, The Edit LDN has expanded its square footage
Launched New Concession spaces in Galeries Lafayette in Doha, Nov 2022.
Signed an agreement with Harvey Nichols to launch in Riyadh, Feb 2023.
The Edit LDN was the first global sneaker platform to enter the Metaverse via Bloktopia, along with being the first to accept Crypto payments.
Sustainability initiatives have included:
The Edit LDN launched the PreLoved Marketplace in November 2022 enabling the demand for the circular economy
INSERT DONATIONS BULLET HERE (PLASTIC WASTE / OCEANS PIECE)
Invested in technology that converts cardboard boxes into bubble wrap
Expanded the team from 18 to 45 people including a Financial Director who joined from StockX.
Looking ahead, Moses Rashid added: “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.”
On leading the seed funding round, Mark Hager, CEO at Regah Ventures commented: “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”.