London-based marketplace Laced has raised £10m ($12m) in a Series A round.
The raise was led by early-stage investment firm Talis Capital, who previously led Laced’s seed round, alongside H&M Group Ventures, the investment arm of H&M Group.
Founded in 2018 by CEO Chris Gibbons, Laced connects buyers and sellers of rare, exclusive and desirable trainers and luxury goods, providing a secure, transparent and easy-to-use service for collectors and enthusiasts.
Laced offers an industry-leading authentication of goods, same-day order processing, seven-day-a-week deliveries and same-day-as-sale payouts as standard, which is much faster than other marketplaces.
Laced, which to date has now raised more than £13.5m ($17m), will use the funding to further expand and develop its technology and product offering.
Laced’s Series A funding comes off the back of GMV (gross merchandise value) on the platform surpassing $100m and hiring some of the most respected and talented people within the industry.
Gibbons, founder and CEO, said: “We are driven by our belief that everyone deserves access to luxury goods. Our technology and team of experts not only democratise this access, but also ensures that all products are authentic, and that each transaction is safe and secure.
“We have a deep relationship with Talis Capital, which is backing us again. We are delighted to welcome H&M Group Ventures on our journey as we roll out a significant product roadmap throughout the rest of the year.”
Kirill Tasilov, general partner at Talis Capital, added: “At Talis, we partner with founders who are set to redefine their industries with unconventional thinking, and Laced embodies this.
“We saw the business’ potential from the very beginning and this funding round demonstrates our continued support in becoming the leading marketplace for sought-after sneakers and high-end luxury fashion.”
Nanna Andersen, head of new growth and ventures at H&M Group, said: “We are thrilled to back Chris and the dedicated team behind Laced as they embark on the next stage of their journey.
“In building an impressive online marketplace, they are not only providing consumers with a specially curated selection of in-demand sneakers, but also an important platform to extend the lifecycle of products. This investment is exactly the type of company and entrepreneur that we are delighted to support.”
Previous participants also investing in this Series A round include BY Venture Partners and Truesight Ventures as well as a number of prominent angel investors, including Bart Swanson (current board member at Impossible Foods, and previously at Zoom) and Eric Archambeau (Co-Founder of Astanor Ventures).
The development of Laced’s technology to simplify the customer experience is spearheaded by newly appointed chief technical officer Chris Conolly, former engineering director at Gousto, and head of product design Doran Black, who has recently joined from Farfetch.
The counterfeit trainer market was worth more than five times the value of the legitimate market in 2021, meaning the sale of fake trainers has become a major problem on resale sites.
To ensure the authenticity of every pair sold, Laced has a dedicated team of in-house authenticators that thoroughly check every pair before they are sent to the buyer.