Japanese sneaker platform SODA raises $56.4M, accquires rival Monokabu – TechCrunch

by Jeremy

SoftBank Ventures Asia is raising its bet on the Tokyo-based sneaker reselling platform just half a year after leading SODA’s Series B. The early-stage venture capital arm of SoftBank Group announced today it has returned to lead SODA’s Series C, which currently totals $56.4 million. Other investors include South Korean sneaker reselling platform KREAM (another SoftBank Ventures Asia portfolio company), Altos Ventures, and JAFCO.

Launched in 2018, SODA runs SNKRDUNK, one of Japan’s most giant sneaker reselling platforms, with about 2.5 million monthly users. Along with its new funding, SODA announced it had acquired rival Monokabu. SODA said that the deal means its share of Japan’s sneaker resale industry is now 80%, making it the market leader by far. A SoftBank Ventures Asia spokesperson told TechCrunch the fund decided to invest in SODA a

gain because its growth has increased rapidly since its previous fundingSODA’s’s post-money valuation is now about 24 billion JPY, or about $218 million. Part oSODA’s’s Series C funding will also be used to expand into other Asian markets, starting with Indonesia and the Philippines next year. Both countries have growing e-commerce markets and a large percentage of Generation Zs, an ideal combination for SNKRDUNK. 

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