Sneaker Reseller GOAT Steps Up the Game After Raising $100M in Funding

A lot of us may have only gotten wind of sneaker reselling in recent years but the game has been taking place for more than a decade already. Collectors of rare and exclusive editions of sneakers and trainers have always been moving stocks around, whether it’s for-profit or not.

However, in the past few years, it has proven to be very lucrative by those with entrepreneurial spirits. With more and more collaborations and special releases as well as the rise of streetwear, more and more folks want in on the freshest pairs available. Those who are willing to do the legwork get great returns from their efforts as reselling some pairs for double or triple the price is completely possible.

Thanks to the recent advances in technology, transactions also became easier for buyers and sellers. So those who aren’t hardcore collectors don’t have to move heaven and earth anymore just to cop a nice fancy pair. The market became bigger and the industry transitioned from a subculture to a legitimate culture.

Sneaker Reseller GOAT Steps Up the Game After Raising $100M in Funding - Nike Air Jordan 23 — GOAT image

It doesn’t mean, however, that the sneaker resale industry is all good. Fakes are always the problem and the number of stocks. Certified sneakerheads would be willing to spend money on a rare pair but the dangers of being scammed are not too appealing. The hassle of having to do a lot of hard work just to cop a pair is also getting rather tedious. When you’re already spending a lot of money on something, having to go through hoops can be off-putting.

GOAT was created to address these very issues. So instead of turning to sites like eBay or social networking sites’ marketplaces, you can just log onto an actual marketplace made specifically for sneakerheads. Their services put all of the finest kicks in one place where you can safely shop for authentic pieces without breaking a sweat.

GOAT: Where to Cop the Greatest of All Time Sneakers

Launched in 2015, GOAT is one of the platforms that offers deluxe services for sneakerheads who just want to have an easier time scoring the shoes they want. The idea is that sellers can post their expensive pairs on the websites than buyers can purchase them. Once the item is bought, the seller will ship out their shoes to the GOAT warehouse where experts will verify the authenticity of the pair before they get sent out to the buyer.

If the pair is legit, then the transaction will be smooth. If the pair did not pass the authentication process, GOAT will charge the seller a fee and ship the sneakers back to them.

GOAT created a sneaker space where they provide their expertise in moderating sales to guarantee authenticity. Buyers will have an easier and safer method to purchase resale kicks while sellers do not have to continuously prove their products’ authenticity to buyers. Their commission rates are lower than other platforms, too, so it’s a win-win.

With the resale market forecasted to be worth up to $6 billion by 2025, players like GOAT are poised to rake in big bucks. This is why it’s not surprising that it was able to raise $100M from venture capital and other strategic investors like FootLocker and Accel.

LA STARTUPS

Website | + posts

LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.