The Edit Ldn, the fast-growing sneaker resale platform founded by Moses Rashid, has received $4.8 million in seed round funding to help scale its business in the Middle East and North Africa region, as well as in the U.S.
The investment is led by the New York-based Regah Ventures, an early investor in Uber, Coinbase and Reddit, with participation from sports celebrities including NBA player PJ Tucker, Premier League star Jesse Lingard, and New York Giants captain Xavier McKinney, who was appointed a brand ambassador last October.
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The international market represents around 50 percent of its business and the U.S. alone is responsible for generating 20 percent of the company’s revenue.
Having launched a store in Harrods in 2021, The Edit Ldn entered Qatar last year with a pop-up in Galeries Lafayette Doha. There is a pop-up planned for February at Harvey Nichols in Saudi Arabia’s capital Riyadh, and the Netherlands is also on the agenda for expansion this year. It aims to set up a local team in the U.S. by fall and open a retail location in Las Vegas by winter.
“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 growing success is a testament to how we are conquering this,” Rashid said.
Since launching in 2020, The Edit Ldn has seen sales increase by 525 percent year-over-year. Its core female customers, aged between 18 and 34, tend to shop more frequently and spend less than $300 a transaction, while its core male customers tend to spend $500 and above on products, Rashid revealed.
“We’re noticing customers are creating collections and making up to five purchases a month at a typical value of $430 per transaction,” he added.
According to Rashid, the platform has carved out a niche in the competitive resale space by offering a luxury experience that other price-point-driven players, such as StockX, do not deliver.
For example, The Edit Ldn launched a same-day delivery service within the U.K. It is aiming to expand that offering to five additional countries this time next year.
“We are aiming to build the most premium sneaker streetwear and collectibles platform on a global platform. Think Farfetch but with the positioning of Louis Vuitton. Yes, consciously it’s a little bit more expensive, but for that, you’ll get it quicker than the rest,” explained Rashid.
He also touted that its authentication process and supply chains have helped to grow trust and love for the brand, and the company 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.”
For example, the platform enables resellers to upload their products in seconds and creates price suggestions based on “market price” using historical sales data and market tracking capability through AI algorithms, which ultimately help resellers achieve more dollars per product.
Mark Hager, chief executive officer of Regah Ventures, said they are backing The Edit Ldn with the aim to make it “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-plus business quickly, and we at Regah Ventures are delighted to be a part of the journey, he said.