The Edit LDN, a global marketplace for limited edition shoes and high-end streetwear, has concluded a $4.8M seed fundraising round, led by Regah Ventures.
Additionally, athletes from several sports, such as Premier League soccer player Jesse Lingard, NBA great PJ Tucker, and New York Giants Captain Xavier McKinney, took part.
The startup, which has been dubbed the “Farfetch of sneakers,” will debut in the US and MENA in 2022 and use the cash to speed growth.
Additionally, the marketplace views itself as the first global reseller to promise to eliminate one kilogram of plastic from the oceans for every sale.
The Edit LDN’s CEO, Moses Rashid, says, “We have been laser-focused on providing a premium experience and accomplishing this very quickly to anyone buying limited edition sneakers globally. Our expanding success is proof that we are overcoming this unmet need in the sneaker community.”
Added Moses Rashid “We can obtain the most popular things for customers because of the connections we have cultivated with brands, celebrities, and consigners. We will invest more in our tech stack to make sure we are at the forefront of the market and can promptly source, offer, and send the newest sneakers to anyone, wherever in the globe. Our strong authentication procedure and comprehensive supply chains have helped to increase confidence and affection for the brand.
Out of passion and love for shoes, Moses Rashid started The Edit LDN in 2020. By filling a market need and developing a platform to link investors, owners, and customers, the sneakerhead redefined the market’s projected $30 million in revenues by 2030. In less than 2.5 years, he transformed his hobby into a multi-million dollar company that may be valued at $115 million by 2026.
The Edit LDN became the first sneaker marketplace to offer same-day delivery in the UK after revenues increased by more than 500% over the previous year. The company also has intentions to expand to five additional nations by 2023.
The London-based firm already serves clients like Threads Styling, Harvey Nichols, Soho House, and Galeries Lafayette. The Edit LDN was also the first worldwide sneaker platform to use Bloktopia to enter the Metaverse and the first to accept cryptocurrency payments.
Moses Rashid continues, “As more customers view purchases as an investment asset class, the limited edition sneaker industry has reached the crossroads between a fashion or cultural trend and a commodity. As a result, we’ve noticed that customers are starting collections and making up to 5 purchases each month, with an average transaction value of $430.
“We are supporting The Edit LDN to be the most disruptive and innovative worldwide marketplace for limited shoes, streetwear, and collectibles,” says Mark Hager, CEO of Regah Ventures. It is a tremendously interesting business because of their distinctive market positioning, celebrity endorsements, and the strong brand they quickly developed.”
“Moses and the rest of the management team have our full trust and we are excited to be a part of their rapid growth towards a $1 billion+ company, Mark concluded.
Image Credit: The Edit LDN
