Online marketplace Edit LDN has secured $4.8 million in seed funding to help it expand further into the Mena region and the US.
The seed round was led by Regah Ventures, early investors in Uber, Coinbase and Instacart.
CEO at Regah Ventures, Mark Hager, said: “We are backing The Edit LDN to be the most disruptive and innovative global marketplace for limited sneakers, streetwear and collectables. With unique market positioning, celebrity endorsements, and the powerful brand they have built in a short space of time, it is a really exciting business. We have every confidence in Moses and the wider management team to turn this into a $1 billion+ business quickly, and we at Regah Ventures are delighted to be a part of the journey.”
Founded in January 2020 by Moses Rashid, the online marketplace specialises in selling limited edition clothing and sneakers, connecting highly engaged buyers with premium resellers offering authenticated items.
With revenues growing by more than 500 per cent year-on-year, hitting $12 million last year, it uses proprietary technology that focuses on speed, efficiency and the customer experience. The feature includes a same-day service, storage facilities for resellers and a proactive seller service through a personal shopping team.
Last year, Edit LDN sold 20,000 pairs of sneakers and had 3,500 active sellers. The brand also signed a two-year global partnership agreement with the Chicago Bulls, becoing the first global sneaker platform to enter the Metaverse via Bloktopia.
“We have been laser-focused on providing a premium service and doing this super fast to anyone buying limited edition sneakers globally,” said the founder of Edit LDN, Moses Rashid.
“This was an unmet need in the sneaker community and our growing success is a testament to how we are conquering this. Having built relationships with brands, celebrities and consigners, we can secure the most sought-after products by clients. Our robust authentication process and detailed supply chains have helped to grow trust and love for the brand – we will double down on our tech stack to ensure we are ahead of the curve to source, offer and send the latest sneakers to anyone, anywhere in the world quickly.”
