Novelship

About Novelship

Novelship operates as an online marketplace for authentic, limited-edition sneakers, streetwear, and collectibles, with a primary focus on the Asian market. The company was established in 2018 by co-founders Richard Xia and Chris Xue, two long-time friends and sneaker enthusiasts who identified a gap in the market for a trusted platform to trade exclusive items. Their journey began while they were still students at the National University of Singapore, having already launched two other ventures. Driven by their personal passion and frustrations with the prevalence of counterfeits and unreliable sellers in the region, they launched Novelship to create a safe and secure environment for fellow enthusiasts.

The platform functions as a two-sided marketplace connecting buyers and sellers. Its business model is primarily commission-based, charging sellers a platform fee and a processing fee for each successful transaction. Additional revenue is generated from shipping fees charged to both parties and value-added services like insurance and priority processing. To ensure the legitimacy of products, every item traded on the platform must first be sent to one of Novelship's processing centers for a rigorous physical authentication process conducted by in-house experts before being shipped to the buyer. This crucial step addresses the significant issue of counterfeit goods and builds trust within the community. Buyers can purchase items instantly at the lowest listed price using the "Buy Now" option or propose a price to sellers with the "Make Offer" feature.

Since its inception, Novelship has demonstrated significant growth, reporting a compound annual growth rate (CAGR) of 37% in revenue and 55% in transactions in recent years. The company has successfully raised a total of $21.9 million in funding over several rounds, including a $9.5 million Series B round in September 2023. These funds are being used to enhance its brand presence across Southeast Asia, improve logistics and authentication, and expand its product collections. The company is actively diversifying its offerings to cater to a rapidly growing female customer base and has introduced its own line of branded products like t-shirts and shoelaces. Recognizing the evolving financial landscape, Novelship also accepts cryptocurrencies as a payment method. The platform serves a global customer base with a strong presence in Singapore, Malaysia, Indonesia, Taiwan, Australia, and New Zealand.