Tokyo-based SODA, which runs Japan’s largest sneaker resell platform, has recently announced that it has landed $22 million in funding. The new funding will be used to grow its sneaker resell platform and will help it expand its reach in Japan and other markets.
With this new funding, SODA hopes to take its platform to the next level and become the go-to platform for sneaker reselling in Asia.
Tokyo-based SODA, which runs Japan’s largest sneaker resell platform, lands $22 million
SODA is an ecommerce platform for reselling and buying authentic, collectible sneakers and streetwear. In addition, SODA facilitates buying and selling pre-owned luxury fashion accessories, design-your-own men’s shoes, and women’s trainers. The company was founded in 2017 by three friends who shared a passion for vintage sneakers. This startup seeks to bridge the gap between consumers who want to buy stylish secondhand items, curators of vintage trends, and passionate designers looking to add their design ideas to their shoes.
The company has experienced strong growth since launch, expanding its product range beyond the original focus on premium limited-edition Air Jordan sneakers. It now offers many completed collections alongside limited runs often inspired by global athletes and style icons including Kanye West’s YEEZY collaborations.
Today, SODA has developed a foothold in a highly competitive market with its unique combination of sneaker customization options, high quality vintage stock items supplemented by selected global brands such as Nike, New Balance and Vans. In addition, the company recently announced that it has secured four series A round funding totaling $4M from leading venture capital firms, which will fuel excellence across operations and further enhance the customer experience on SODA’s app platform among other goals.
Overview of the Funding
SODA, a leading global sneaker resell platform, recently secured a new round of funding that is set to be used for growth opportunities in the coming quarters. This influx of capital will provide SODA with the resources it needs to further expand its platform and meet the increasing demands from consumers.
The funders include several major venture capital firms from Europe and North America and some existing investors. The financial support is aimed at accelerating SODA’s plans for expansion in new cities and markets worldwide, emphasising expanding the user experience by developing a comprehensive suite of mobile applications and introducing innovative services to sellers and buyers.
Additionally, SODA intends to leverage its new found expertise in data science and AI to better understand their users’ behaviour and trends to offer better experiences tailored to their needs. By using this approach, SODA will provide sellers more efficient ways to find buyers, while giving buyers faster ways of finding what they are looking for at competitive prices.
The investment also helps solidify SODA’s place within worldwide sneaker culture, cementing itself as an industry-leading resell platform within many countries including Japan, China and America. With this much anticipated influx of funding into their operations SODA looks forward to growing its customer base both domestically and overseas for years to come with its wide variety of services now available both online and through mobile applications making it easier than ever for traders all over world buy or sell sneakers securely at any time anywhere.
How the Funding Will Help SODA Grow
Tokyo-based SODA, Japan’s largest sneaker resell platform, recently landed $22 million in funding. This new influx of capital will provide SODA with the resources it needs to grow its business.
In the coming months, SODA plans to use the new funding to:
- Expand its reach
- Acquire new customers
- Develop new features that will make it easier for users to buy and sell sneakers on its platform.
Expansion of Platform
The new funding will help SODA expand its sneaker resell platform. SODA aims to become the premiere reseller of rare, limited, hard-to-find sneakers and apparel. With this additional funding, SODA can invest in scaling up its platform to reach a broader audience and cater to more customers. This will involve leveraging digital technologies such as artificial intelligence and machine learning to improve the search capabilities so that customers find exactly what they’re looking for quickly and easily.
To further expand the platform, SODA plans to increase its focus on content with the help of influencers and celebrity partners who can vouch for their authenticity to cement their stature as an industry leader for rare sneakers. They also plan on investing in new payment options, offering financing opportunities for high ticket items and exploring global opportunities by expanding their footprint into international markets.
By becoming a world leader in rare sneaker reselling, SODA hopes to create an entirely new industry that works with customers around the globe in providing access to limited edition items otherwise inaccessible or unaffordable. By taking steps such as these, SODA plans on using this investment opportunity as a springboard into releasing this ambitious goal of transforming the footwear industry firstly through entertainment and secondly through social impact initiatives focused on fairness and inclusion – all made possible by leveraging technology at scale.
Investment in Technology
The newest funding round will allow SODA to invest in its existing tech infrastructure and new web and mobile solutions. As a result, customers can expect faster performance and a more intuitive user experience when buying or selling sneakers through the platform. Additionally, the new investment will enable SODA to increase its presence in more countries, continuing their global expansion efforts and bringing their services to an ever-growing number of customers worldwide.
In terms of technology, SODA plans to use some of the funds raised for their platform on machine learning initiatives, allowing them to provide more accurate estimations of market values for sneakers from all eras. By further implementing artificial intelligence (AI) solutions, the reseller marketplace could offer detailed valuations after analysing data from various sources, including past sales of similar sneakers and price forecasts based on upcoming releases. These AI-backed insights into pricing can ultimately ensure that sellers get maximum value for each pair listed, while also giving buyers peace of mind that they’re paying fair market prices.
Furthermore, SODA looks forward to incorporating augmented reality (AR) capabilities into the platform, providing users with an enhanced sneaker shopping experience. AR technology can allow buyers to see exactly how a pair will look on themselves before completing their purchase – bridging the firm’s online offerings with true in-person retail experiences.
Hiring of Talent
The proposed funding will allow SODA to focus on talent acquisition and technology development. With this funding, SODA will extend its efforts to hire specialised software developers and engineers. The organisation is particularly keen on hiring individuals with experience in software engineering, computer science, cyber security, AI/ML, DevOps, Cloud Computing or mobile app development.
It is also looking to hire employees with expertise in customer service and user experience design.
In addition to building its technological foundations through recruiting exceptional talent from within the industry, SODA aims to provide an environment that encourages growth where employees can be creative and innovative. This will be achieved through various resources like mentorship programs for our staff. In addition, the organisation plans on investing in its human capital by training them in contemporary technologies necessary for the organisation’s efficient functioning, such as Kubernetes and Machine Learning frameworks like Tensorflow etc., besides providing support materials such as tutorials and project guides.
Furthermore, employee satisfaction is a priority as SODA works towards cultivating an attractive work-life balance by facilitating flexible working arrangements.
Impact on the Sneaker Resell Market
Tokyo-based SODA, which runs Japan’s largest sneaker resell platform, has recently announced that it has raised $22 million in funding. This is a major step forward for the company and the sneaker resale market, as it will provide SODA with the resources to grow their platform and increase its presence in the market.
Let’s explore what impact this new funding could have on the sneaker resell market:
The news of SODA’s new funding comes at a time when the popularity of sneaker reselling is on the rise. This has sparked an influx of investors and entrepreneurs into the market, leading to increased competition. The new funding SODA has secured will enable them to expand their operations and continue to provide top-notch service while staying ahead of their competitors.
As more companies enter this market, it is increasingly important to differentiate themselves with unique product offerings, innovative business models, and excellent customer service. With its new funding, SODA can focus on continuing to offer exclusive products like limited-edition sneakers and stylish collaborations that draw in customers. They can also better leverage technology in areas such as marketing and data analysis to identify trends to stay on top of the growing demands of their customers.
Moreover, with this added financial stability, SODA can offer higher-quality services offline and online. From pop-up markets or symposiums where customers engage directly with the brand to mobile apps that provide a streamlined buying process; ultimately giving their customers a more enjoyable experience than the competing brands.
The platform’s improved quality experience allows sneakerheads to purchase coveted sneakers more confidently than ever before. SODA has integrated a suite of updated tools that allow sneaker buyers to accurately verify the authenticity and condition of their desired shoes.
Additionally, the product designers have worked closely with sneaker experts and resale influencers to test, refine and deploy features such as 3D shoe previews, user-generated content recommendations, and multiple secure payment options.
With these features enhanced greatly, sneaker buyers no longer need to worry about receiving a defective or counterfeit pair of shoes compared to traditional resell channels. In addition, the new platform also provides improved customization options for customers, giving them access to exclusive “glow-up” accessories for their sneakers such as pins, laces and other materials made from recycled plastic.
The recent substantial investment in SODA indicates the growing appetite of investors and entrepreneurs for the sneaker resell market. With this funding, the company plans to further develop its proprietary cloud-based platform, which enables greater transparency into product sourcing and resale data. The platform also allows real-time sales tracking across many retailers and features to ensure quality control for goods being resold – all necessary for an efficient turnaround of listings in the sneaker resell market.
This increase in transparency can be both beneficial and detrimental to the industry. It will give customers more confidence when it comes to buying products from companies or individuals that are facilitated by SODA. This level of trust will drive sales as users will be keen to buy from trusted sellers on closely monitored platforms. On the other hand, greater transparency could make it easier for unscrupulous individuals to engage in fraud as they would have a more detailed view of online activities on the sneaker resell marketplace – something sellers need to be aware of.