SoleSavy Raises $12.5M Series A to Revolutionize Sneaker Culture

The Rise of Sneaker Communities and SoleSavy's Funding

The market for collectibles experienced significant growth during the pandemic. While Non-Fungible Tokens (NFTs), exemplified by platforms like NBA Top Shot, gained traction, the sneaker hobby evolved into a more sophisticated pursuit.

SoleSavy Secures Series A Funding

Vancouver-based SoleSavy, a community designed to provide enthusiasts with a focused space to explore the world of sneakers – including releases, news, and rumors – has successfully raised $12.5 million in a Series A funding round.

This achievement follows a $2 million seed round completed just months prior, demonstrating strong investor confidence in specialized, premium social platforms.

The funding round was spearheaded by Bedrock Capital, with participation from notable investors such as Roham Gharegozlou, CEO of Dapper Labs, Diplo, Bessemer Ventures, and Banana Capital led by Turner Novak.

Rapid Growth and Expansion

According to CEO Dejan Pralica, SoleSavy has seen its user base triple since the initial seed funding. Concurrently, the company’s team has expanded from 10 to 37 employees.

Currently, the SoleSavy community primarily operates through a network of Slack groups, facilitating discussions on a wide range of topics related to sneakers.

While Slack currently hosts these communities, Pralica envisions developing a dedicated chat hub to further integrate the startup’s app, website, and online interactions.

Building a Trusted Marketplace

A key objective is to cultivate this community into a reliable platform for buying and selling, fostering a thriving peer-to-peer marketplace. SoleSavy represents a new wave of social internet marketplaces.

These platforms center around niche communities, offering an all-encompassing environment for engagement and growth.

“My vision is a fully integrated platform,” Pralica stated to TechCrunch. “I aim to restore the enjoyment and excitement of sneakers for those who are truly passionate about them.”

Addressing Challenges in Sneaker Communities

The proliferation of unregulated chat groups can often lead to negativity or exploitation, as moderators may prioritize personal gain. SoleSavy aims to address this through a more carefully managed and curated approach.

Investor Confidence and Future Plans

As previously noted by TechCrunch’s Matthew Panzarino, SoleSavy’s rapid funding success highlights investor interest in verticalized marketplaces built around social communities.

Pralica intends to leverage this funding to prioritize long-term development and explore new opportunities within the sneaker market.

Global Expansion and Content Creation

SoleSavy has initially focused on the North American market, but plans to expand into new regions including Australia, New Zealand, the United Kingdom, Singapore, Japan, and throughout Europe.

The company will also invest in expanding its editorial content, incorporating podcasts, articles, original videos, and member-exclusive events.