The last time I wrote a post this long it was a message to members announcing that SoleSavy had raised $2M in funding. I outlined how the investment was needed to help solve some of the biggest issues facing the sneaker industry today. If you missed that message you can listen here.
But first I want to start by saying thank you to our members. Thank you all for your support over the last 3 years. It has allowed us to learn from you, grow, improve and ultimately shape the early days of the community to better represent real sneakerheads. Without your support and passion for this community, we would have nothing and I’m incredibly grateful for that.
The funding we raised earlier this year was just the start, and was far from what we would ultimately need to achieve our goals for the community. But you have to start somewhere and build from there. Justin and I started SoleSavy with $15,000 and got it as far as we could. Then came the next chapter where we received $2M funding — money I couldn’t even imagine spending. The plan was always to come back for another round of funding in 2022 because this is a long game to play against the major players in the space. Never did I imagine that a few months later one of my investors would come to me with an incredible showing of support and double down on their belief in our vision.
That support? I’m excited to announce that we have raised a Series A funding round led by Bedrock Capital that will bring an additional $12.5M USD into SoleSavy. This sets us up for the next 5 years and allows us to double down on our vision for the company we want to build for our community. A world where the narrative in sneakers will no longer be about commodities, asset classes, and reselling — and instead focusing on the people who love sneakers and make the culture so special. This aligns with Bedrock’s search in what they have coined “Narrative Violations”.
The demand for sneakers has never been higher, but our ability to enjoy them has never been lower. From the rise of mass reselling, the creation of bots, and the lack of transparency, there’s plenty of blame to go around. While the sneaker resale industry is projected to reach $30B by 2030, you know who ends up with the short end of that stick? Real consumers like us. And while resellers and the companies that support them line their pockets at the exploitation of people who love sneakers, not enough is being done to improve the experience for hardworking, everyday consumers. The majority of the innovation in this industry has been driven by the idea of sneakers as an “asset class”, but that’s leading the culture in the wrong direction.
The vision for SoleSavy comes from us asking: How can we solve the biggest problems in sneakers, and how do we make it more fun & enjoyable? We believe it starts with the power of community, requires new innovation and technology, and ultimately more trust and transparency. The money we’ve raised to date will allow us to confidently execute & provide an alternative to platforms like StockX and GOAT.
The responsibility and pressure that we’ve taken on is not lost on me. We are embracing that challenge, not running from it. We’ll embrace it through the ups and downs and the days when it might feel like there might not be a brighter tomorrow for this industry. It’s going to be a ton of hard fucking work and I know that but it will all be worth it because we have the support of such a tight-knit community behind us.
Becoming a father this past month has been incredibly humbling, inspiring, and rewarding. And as much as I want this company to succeed for everyone else, I also want to make my little boy proud that his father did something that had a positive impact on thousands of people’s lives. Out of everything we do here, the thing that brings me the most joy is seeing people talk about what SoleSavy means to them and how much they value the community. We all come here for the sneakers but the special bonds built each day are what has made the biggest impact on us all. I will cherish that feeling forever.
And that feeling is what I will use to fuel this company today, tomorrow and every single day going forward. In an industry that has been marked by so much distrust and exploitation, what you believe, where you spend your money, and who you support really matters. I’m grateful for the members of SoleSavy who have bought into the vision early. They’ve made their voices heard. And we’re going to be the company that represents them, and their passion.
As a community, we are committed to helping build a better experience for those who love sneakers. The future is bright.
Let’s get started ?