SNEAKER RETAILER STADIUM GOODS RAISES $4.6 MILLION IN NEW EQUITY
Global sneaker and apparel retailer Stadium Goods has announced that it has raised over $4.6 million in new equity funding. The financing will further fuel Stadium Goods’ expansion into the mainstream footwear market, valued at over $80 billion annually. The financing round was led by Forerunner Ventures (which has invested in Warby Parker, Dollar Shave Club, and Jet.com) and also includes The Chernin Group, among others. Mark Cuban is also a partner and advisor.
Founded by John McPheters and Jed Stiller in late 2015, Stadium Goods launched its e-commerce site, as well as opened it SoHo retail location in New York City, with its mission to offer sneaker consumers around the world an innovative and customer service-focused approach to buying and selling highly coveted footwear, apparel and lifestyle goods.
This past summer, Stadium Goods also expanded into China through an exclusive partnership with Tmall Global, an extension of Alibaba Group’s B2C Tmall.com business, which enables overseas merchants to effectively enter China’s rapidly growing online retail market.
“Stadium Goods has transcended a seemingly niche market, proving that they can be a critical player in the larger global athletic footwear retail market, said Kirsten Green, founder at Forerunner Ventures. There hasn’t been a company of its kind offering this level of aesthetic, product mix or services to date so we’re very excited to partner with them.”
“In just over a year in business, we’ve experienced tremendous growth and, more importantly, helped to legitimize the resale model by making it more relevant and accessible to all types of consumers,” added Stiller. “We’re thrilled to have found the perfect partners in Forerunner Ventures and The Chernin Group, among others, to build on our successes to date as we look to innovate and scale rapidly.”
