Stadium Goods has solidified its position as a go-to consignment destination for rare and limited-edition kicks in just over a year of business. And today, it announced it has secured $4.6 million in new equity funding to help expand its rapidly growing empire.
According to a statement from Stadium Goods, the financing — which will help it expand further into the mainstream footwear market — was led by Forerunner Ventures (Warby Parker, Dollar Shave Club, Jet.com) and also includes The Chernin Group.
Mark Cuban, the charismatic and outspoken owner of the Dallas Mavericks, is also involved as a partner and adviser. He is not, however, an investor.
“Stadium Goods has transcended a seemingly niche market, proving that they can be a critical player in the larger global athletic footwear retail market,” Kirsten Green, founder at Forerunner Ventures, said in a statement. “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.”
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Stadium Goods, the creation of founders John McPheters and Jed Stiller, opened its storefront in New York City’s famed Soho neighborhood and launched its website, stadiumgoods.com, in October 2015. Since opening, it has partnered with Alibaba Group’s Tmall Global to sell its products directly to overseas consumers, and also teamed up with eBay to develop custom sneaker and streetwear content exclusively for the site.
“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,” Jed Stiller, co-founder and managing partner of Stadium Goods, said in a statement. “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 scale and innovate rapidly.”