The Edit LDN secures $4.8 million in seed round
The Edit LDN has secured $4.8 million in seed funding to help it expand further into the US, Middle East and North Africa.
The seed round was led by Regah Ventures, early investors in Uber, Coinbase and Instacart, with participation from sports celebrities including New York Giants Captain Xavier McKinney, NBA superstar PJ Tucker and Premier League soccer player Jesse Lingard.
Founded in January 2020 by chief executive Moses Rashid, the online marketplace for limited edition sneakers connects highly engaged buyers with premium resellers offering authenticated items. With revenues growing by over 500% year-on-year, it uses proprietary technology that focuses on speed, efficiency and the customer experience. This includes providing a same day service, storage facilities for resellers, and a proactive seller service through a personal shopping team.
Mark Hager, chief executive at Regah Ventures, said: “We are backing The Edit LDN to be the most disruptive and innovative global marketplace for limited sneakers, streetwear and collectibles. 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.”
In 2022, The Edit LDN signed a two year global partnership agreement with the Chicago Bulls, was the first global sneaker platform to enter the Metaverse via Bloktopia, and became the first sneaker marketplace to offer a same day delivery service in the UK.
Rashid said: “We have been laser focused on providing a premium service and doing this super fast to anyone buying limited edition sneakers globally. This was an unmet need in the sneaker community and our growth success is 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 has 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.”
Hear Moses Rashid speak at Retail Bulletin’s Omnichannel Futures Conference on 22 March. Register here