As the secondary sneaker market continues to burgeon, startups are looking to get in on the action by making it easier for people to buy and resell valuable footwear. Recently, GOAT, one of the more well-known sneaker resell platforms, announced new funding to the tune of $5 million.
This latest financial boost for GOAT comes at the hands of Matrix Partners, with added contributions from existing backers Upfront Ventures and Webb Investment Network. Furthermore, Matrix Partners’ General Partner Josh Hannah will be welcomed to the GOAT board of directors.
To date, GOAT’s funding efforts have raised $12.6 million, with investments from the likes of Andreessen Horowitz, First Round Capital, NEA, SV Angel and Y Combinator.
GOAT launched as an iOS an Android app in 2015, offering sneaker enthusiasts a safe and reliable way to complete sneaker transactions. All sellers must be preapproved, and sneakers are shipped to GOAT’s warehouse for authentication before being transferred to the buyer. This practice eliminates the possibility of a buyer receiving counterfeit shoes, and also helps protect sellers from scams and chargebacks.
“Traditionally, consumers purchasing rare or vintage sneakers online had trouble finding what they were looking for, and then couldn’t be certain of authenticity,” Hannah said. “With GOAT’s simple mobile app and commitment to verifying authenticity for every order, they provide a convenient and secure marketplace for sellers and consumers. We’re thrilled to invest in GOAT and the future of the sneaker resale industry.”