Laced has secured $12 million in Series A financing the same day the U.K.-based online platform for buying and selling coveted sneakers revealed a new visual identity.
According to Laced, the Series A round was led by London-based early-stage investment firm Talis Capital, which previously led Laced’s seed round. Other Series A investors include H&M Group Ventures, the investment arm of H&M Group.
Laced, which to date has now raised over $17 million, said it will use the funding to further expand and develop its technology and product offering. Previous participants also investing in this Series A round include BY Venture Partners and Truesight Ventures, as well as a number of prominent angel investors, including Bart Swanson (current board member at Impossible Foods, and previously at Zoom) and Eric Archambeau (co-founder of Astanor Ventures).
Chris Gibbons, founder and CEO of Laced, acknowledged in a statement the company’s “deep relationship” with Talis Capital and touted its new partnership with a retail giant. “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,” Gibbon said.
“We are thrilled to back Chris and the dedicated team behind Laced as they embark on the next stage of their journey,” Nanna Andersen, head of new growth & ventures at H&M Group, added in a statement. “In building an impressive online marketplace, they are not only providing consumers with a specially curated selection of in-demand sneakers, but also an important platform to extend the lifecycle of products. This investment is exactly the type of company and entrepreneur that we are delighted to support.”
In conjunction with this new round of funding, Laced has also unveiled new branding, colors and logo in collaboration with creative agency SomeOne, as well as a new typeface designed by Colophon. Laced said that this new brand identity “represents the company’s mission to democratize access to some of the most sought-after luxury products.”
Laced’s Series A funding comes on the heels of the company surpassing $100 million in gross merchandise value on the platform.
Gibbons started Laced in 2018 with the mission to connect buyers and sellers of rare, exclusive and desirable sneakers and luxury goods. According to Gibbons, the company offers services like authentication of goods, same-day order processing, seven-day-a-week deliveries and same-day-as-sale payouts.