Vision Fund backs Japan sneaker marketplace

It follows a JPY6.2 billion Series C round led by SoftBank Ventures Asia (SBVA) in July at a valuation of JPY24 billion. That round also featured Altos Ventures, Jafco, and Korean shoe platform Kream. SBVA also provided a JPY2.2 billion Series B this year alongside Base Partners, Colopl Next, and internet services player The Guild.

Soda operates a secondhand marketplace for premium streetwear, including Snkr Dunk, and is recognized as the largest platform in its niche locally. Snkr Dunk alone now has more than four million users, according to a statement. This compares to three million at the time of the Series C. Its social media function hosts around 10,000 posts a month.

Snkr Dunk is said to have grown more than 1,000% during 2020. As of May 2021, Soda was tracking 900% year-on-year growth and claimed its highest-ever monthly sales figure of $34.7 million. Much of the value proposition is in providing a secure C2C service in a product category subject to counterfeiting. There is a strong emphasis on celebrity endorsements and mixed media marketing.

The plan is to expand across the region, including into Hong Kong, Singapore, and Australia. A Korean push will be facilitated by Kream. SoftBank Group companies such as Yahoo Japan and Line are likewise expected to provide synergies and support expansion.

There will also be investments in strengthening the company’s presence in Japan, where it is said to enjoy an 80% market share following the recent acquisition of competitor Monokabu. This will include the development of artificial intelligence systems for authenticity verification, customer support, and logistics.

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• Topics
• North Asia
• Consumer
• Technology
• Expansion
• Japan
• Softbank
• e-commerce
• TMT