Novelship
| Private | |
| ISIN | 🆔 |
| Industry | E-commerce |
| Founded 📆 | 2018 |
| Founders 👔 | Richard Xia, Chris Xue |
Area served 🗺️ | Asia–Pacific |
| Products 📟 | Sneakers, streetwear, collectibles |
| Services | Online marketplace |
| Members | |
Number of employees | |
| 🌐 Website | novelship |
| 📇 Address | |
| 📞 telephone | |
Novelship is a Singapore-based online marketplace for the resale of sneakers, streetwear, and collectibles. Founded in 2018, the platform operates across several Asia–Pacific markets, including Singapore, Malaysia, Indonesia, Taiwan, Australia, and New Zealand.[1]
History
Novelship was founded in Singapore in 2018 by Richard Xia and Chris Xue.[2] The company reported rapid annual growth in transaction volume and user base across the Asia–Pacific region.[3] In November 2023, the South China Morning Post reported that Asia’s start-up market, including Novelship, was showing signs of revival after a funding winter.[4] In October 2023, Nikkei Asia noted Novelship’s Series B funding round and highlighted its position in Singapore’s sneaker marketplace.[5] Lianhe Zaobao also covered the company’s fundraising activities, describing the amount raised and its regional expansion plans.[6]
Funding
In September 2023, Novelship raised US$9.5 million in a Series B funding round led by East Ventures, with participation from iGlobe Partners and GSR Ventures.[2] The funding was allocated towards expanding logistics infrastructure, enhancing authentication capabilities, launching an in-house apparel line, and improving sustainable shipping practices.[3] DealStreetAsia reported that the investment aimed to strengthen Novelship’s operational capacity across Southeast Asia.[7] Tech in Asia also noted that the funding would support technology development and platform enhancements.[8] In September 2023, Vulcan Post highlighted that part of the funds would be used to improve sustainability initiatives.[9] Retail News Asia covered the funding and emphasised Novelship’s growing role in the sneaker resale market.[10]
Partnerships
In June 2023, American rapper and actor Snoop Dogg was appointed as a strategic advisor to Novelship, aiming to strengthen the company's market presence in Southeast Asia.[11] Marketing Interactive reported that Snoop Dogg’s role would include promotional collaborations and market engagement.[12] AIM Group stated that the partnership was aimed at boosting brand visibility in new demographics.[13] In an interview with Aspire, CEO Richard Xia mentioned that Snoop Dogg’s involvement aligned with Novelship’s expansion strategy.[14]
Authentication & Operations
Novelship employs a team to perform a rigorous, lengthy authentication process to ensure all items sold are genuine, as reported by Channel News Asia.[15] Products are first shipped to Novelship for inspection; once authenticated, including affixing a Novelship authentication tag, they are delivered to buyers. The process averages about five working days.[16] The company utilised funding from its Series B round to refine and scale its authentication procedures.[3]
Payments & Technology
In March 2022, Novelship began accepting Bitcoin and other cryptocurrencies as payment through a partnership with Triple-A, a cryptocurrency payment gateway licensed by the Monetary Authority of Singapore.[17] In June 2022, Triple-A enabled a crypto payout feature that allowed sellers to receive payments instantly in cryptocurrencies.[18] The platform supports payments in Bitcoin, Ethereum, and USDT, emphasising regulatory compliance through MAS licensing.[19]
Business model
Novelship operates as a peer-to-peer marketplace where sellers list items, and all products are verified for authenticity at in-house authentication centres before being shipped to buyers.[2] The platform applies a commission to successful transactions and has introduced premium services such as curated recommendations.[3]
References
- ↑ "Novelship Pte Ltd". SP Edge. Retrieved 11 August 2025.
- ↑ 2.0 2.1 2.2 "Singapore's sneaker marketplace Novelship bags $9.5M in Series B funding round led by East Ventures". TechNode Global. 14 September 2023. Retrieved 11 August 2025.
- ↑ 3.0 3.1 3.2 3.3 "Asia's fastest-growing sneaker marketplace Novelship secures US$9.5 mil Series B funding led by East Ventures". Digital News Asia. 14 September 2023. Retrieved 11 August 2025.
- ↑ "Asia's once red-hot start-up market shows signs of revival after funding winter". South China Morning Post. 28 November 2023. Retrieved 11 August 2025.
- ↑ "Singapore sneaker marketplace Novelship bags $9.5m". Nikkei Asia. 2 October 2023. Retrieved 11 August 2025.
- ↑ "新加坡潮鞋平台Novelship获950万美元B轮融资". Lianhe Zaobao. 1 October 2023. Retrieved 11 August 2025.
- ↑ "Novelship bags $9.5m Series B". DealStreetAsia. 14 September 2023. Retrieved 11 August 2025.
- ↑ "Novelship bags $9.5m to boost presence in SEA". Tech in Asia. 14 September 2023. Retrieved 11 August 2025.
- ↑ "Novelship raises US$9.5M Series B funding". Vulcan Post. 14 September 2023. Retrieved 11 August 2025.
- ↑ "Singapore sneaker platform Novelship secures US$9.5 million in Series B". Retail News Asia. 14 September 2023. Retrieved 11 August 2025.
- ↑ "American rap star Snoop Dogg partners Singapore sneaker marketplace Novelship". The Straits Times. 8 July 2023. Retrieved 11 August 2025.
- ↑ "Snoop Dogg named strategic advisor for SG-based sneaker marketplace Novelship". Marketing Interactive. 9 July 2023. Retrieved 11 August 2025.
- ↑ "Novelship unleashes rapper Snoop Dogg on Singapore sneaker market". AIM Group. 10 July 2023. Retrieved 11 August 2025.
- ↑ "A chat with Richard Xia, CEO of Novelship". Aspire. Retrieved 11 August 2025.
- ↑ "Novel ways to pay and grow a business". Channel News Asia. Retrieved 11 August 2025.
- ↑ "Sneakerhead Q&A with Richard Xia, co-founder and CEO of Novelship". KrASIA. 18 January 2023. Retrieved 11 August 2025.
- ↑ "Southeast Asia's Largest Online Sneaker Marketplace Now Accepts Bitcoin". Bitcoin Magazine. 15 March 2022. Retrieved 11 August 2025.
- ↑ "Singaporean sneaker marketplace Novelship partners with TripleA to pay sellers in crypto". TechNode Global. 27 June 2022. Retrieved 11 August 2025.
- ↑ "Buying sneakers to hedge crypto? Novelship makes it a reality". Vulcan Post. Retrieved 11 August 2025.
External links
See also
This article "Novelship" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Novelship. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
