London-based Laced, the online marketplace that enables consumers to access in-demand and exclusive sneakers, has raised 12 million US dollars in a series A round of funding.
The round was led by Talis Capital, with backing from H&M Group Ventures, the investment arm of the H&M Group, and previous investors BY Venture Partners and Truesight Ventures, as well as several prominent angel investors, including Bart Swanson, current board member at Impossible Foods, and previously at Zoom, and Eric Archambeau, co-founder of Astanor Ventures.
This latest funding means that Laced has raised more than 17 million US dollars since it launched in 2018. It comes off the back of GMV on the platform surpassing 100 million US dollars and the appointment of key hires, including 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.
Laced continues growth with new round of investment
In a statement, the sneaker marketplace said it will use the capital to further expand and develop its technology and product offering. The development of its technology to simplify the customer experience is being spearheaded by Connolly and Black, alongside the company’s growing data science, product and technical teams.
Chris Gibbons, founder and chief executive of Laced, 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.”
Laced offers a secure, transparent and easy-to-use service for sneaker collectors and enthusiasts. The marketplace provides industry-leading authentication of goods, same-day order processing, seven-day-a-week deliveries and same-day-as-sale pay-outs as standard.
Its growth has been linked to offering guaranteed authenticity through its unique authentication process developed by Matt Miller, Laced’s head of authentication operations. Laced ensures the authenticity of every pair of sneakers sold by utilising a dedicated team of in-house authenticators that thoroughly check every pair before they are sent to the buyer.
Laced unveils new brand identity
To coincide with its latest round of funding, Laced has unveiled a new brand identity, created with award-winning creative agency SomeOne, to mark a new phase of expansion for the business. The new branding has been designed to reflect the company's evolution and includes a new logo, brand colours and motifs, as well as a new typeface designed by Colophon.
“This new brand identity represents the company's mission to democratise access to some of the most sought-after luxury products,” explained Laced.
Gareth Olyott, chief of staff at Laced, who led the project, added: “Today at Laced, as we announce our Series A funding, we also bid farewell to our iconic four-lined L logo. This symbolises a pivotal moment in our journey of growth and expansion.
“With our rebrand, we are opening the doors to the next phase of Laced, complete with a fresh identity. Here, our focus is on both simplicity, where the allure of the most captivating sneakers on the market becomes our voice, and trust, underpinned by our industry-leading authentication process. We’re proud to deliver our users a refreshed, modernised version of the Laced experience. It’s the same Laced, but with a captivating new look.”