SoleSavy Raises $2M to Fuel Community-Driven Sneaker Commerce

SoleSavy, a thriving community centered around the acquisition of highly sought-after sneakers and related merchandise – items increasingly difficult to purchase through traditional retail channels – successfully completed a $2 million funding round late in the previous year. Currently, SoleSavy operates primarily as a network of communities hosted on the Slack platform. 

Founded in 2018 by Dejan Pralica and Justin Dusanj, SoleSavy began as a subscription-based community designed for collectors and enthusiasts aiming to secure limited-edition sneakers often targeted by automated bots or resellers. Prior to establishing SoleSavy, Pralica was a co-founder of Kicks Deals, a sneaker marketplace specializing in below-retail prices, while Dusanj previously served as the Director of Operations at New Age Sports, a Nike retailer. 

The $2 million investment in SoleSavy came from a diverse group of investors including Panache Ventures, LAUNCH by Jason Calacanis, Turner Novak, Ben Narasin, Alex Lieberman and Austin Rief of Morning Brew, Tiny Capital, Wesley Pentz (also known as Diplo), Matthew Hauri, or Yung Gravy, Ryan Holmes, Roham Gharegozlou, and Bedrock Capital.

SoleSavy has cultivated a highly active community – in fact, several interconnected communities – focused on the dynamics of the sneakerhead consumer universe, which we’ll call the SCU. This term is newly introduced and intended to gain traction. The SCU is a unique environment characterized by distinctive individuals and behaviors, occasionally gaining mainstream attention through documentaries, exclusive product launches, or even attempted robberies. It is anticipated that this world will become more visible within the broader consumer landscape in 2021. 

Several factors are contributing to this shift, with many becoming particularly apparent during the pandemic, as consumer behaviors evolved rapidly over a short period. The difficulty in obtaining products like the PS5, Xbox Series X, or a graphics processing unit (GPU) during the holiday season, and the subsequent emergence of numerous services, Twitter accounts, and monitoring groups to assist consumers, provides a glimpse into the future of shopping. 

While the struggle to purchase everyday items like butter using automated systems may seem humorous, it reflects a broader trend – shortages across numerous product categories over the past year. However, sneakers have consistently been the most challenging goods to acquire for decades. 

Each new sneaker release generates significant anticipation and demand, with consumers eager to obtain the latest styles. The increasing popularity of sneakers, coupled with manufacturers’ desire to maintain an aura of exclusivity, has made each release progressively harder to secure. Resale platforms such as StockX and GOAT have emerged to cater to those willing to pay substantial premiums – ranging from 30% to 200% – above retail price. 

For many, the solution lies in joining various “cook groups” that provide insights into demand and stock levels, enabling buyers to strategize and purchase products on release day. 

SoleSavy’s primary function is to facilitate this process, assisting enthusiasts in planning and executing successful purchases. However, Pralica emphasizes that the group has evolved into a community centered around the individuals who share a passion for sneakers, rather than solely focusing on the acquisition itself. 

Image Credits: SoleSavy

At its core, SoleSavy is a Slack-based group – actually a series of groups organized into cohorts, guiding members through different levels of community engagement – offering spaces to discuss sneaker trends, secure releases, and connect with fellow enthusiasts. Pralica explains that the community has grown deliberately (with the waitlist increasing by 400 people daily) to foster a positive environment and effectively onboard new members. They also maintain an app for push notifications and a dedicated podcast. 

This positive community atmosphere, according to Pralica, is SoleSavy’s key differentiator and long-term focus, driving engagement among its 4,000 members across the U.S. and Canada on a daily basis.

Having participated in numerous groups focused on bulk purchases for resale, Pralica notes that many are often chaotic and even hostile. SoleSavy intentionally avoids such environments, instead attracting individuals who are interested in buying and wearing sneakers, trading with others, and potentially reselling personal pairs to fund the acquisition of other coveted items. 

While “cook groups” have been central to the Discord and Slack-based communities within the sneaker world, other types of communities are also experiencing growth. Entrepreneurial groups like Tyler Blake’s In This Economy and fan-focused communities surrounding popular streamers are gaining prominence on platforms like top the Disboard. Furthermore, initiatives involving social tokens, such as Zora, are also prioritizing community as a means of fostering user loyalty. 

Community is becoming increasingly vital to all forms of commerce, whether it involves sourcing a specific product (like the highly sought-after PS5 monitors) or immersing oneself in a particular product interest (the SCU). Current trends suggest that 2021 will be the year that community-driven purchasing moves beyond niche fandoms and becomes a mainstream phenomenon.

Image Credits: SoleSavy

SoleSavy has been exploring various methods to strengthen community bonds, including live chats, in-person gatherings, and the creation of a uniquely designed Jordan 1 created in collaboration with its members. These efforts have resulted in impressive early financial results for the previously self-funded company. Pralica reports that SoleSavy is currently profitable, generating $1.5 million in annual recurring revenue (ARR) from $33 monthly subscriptions, supplemented by affiliate income, and boasts a daily active user (DAU) rate of 90% – a level of engagement that would be highly desirable for any retailer. 

Although the funding round was finalized late last year, it is presented as a promising indicator for the year ahead. While SoleSavy demonstrates a compelling narrative and strong growth trajectory, it is believed to be at the forefront of a significant trend that will continue to develop throughout the year.