HOUSTON--(BUSINESS WIRE)--Tradeblock, the first-of-its-kind sneaker trading platform based on a barter economy and the prowess of community, has raised over $8.9 Million dollars in funding from investment partners Courtside VC, Trinity Ventures, and Concrete Rose Capital.
From its humble beginnings in 2020, with just 300 users and just under 5000 shoes, Tradeblock has experienced exponential growth in its 2 years of operation, amassing more than 1 Million shoes listed in users’ virtual closets this year. The monumental growth of the online marketplace can be attributed to the platform’s unique consumer experience that was key in the vision of making Tradeblock a reality. Co-Founder and CEO Mbiyimoh Ghogomu, along with Co-Founders Darren Smith and Tony Malveaux, sought out to bridge the gap for passionate collectors who were losing the battle against bots on sneaker drops and those who cannot afford rapidly increasing resale prices; increases that are largely driven by resellers cornering the market on popular shoes for the sole purpose of profits.
Tradeblock will use the proceeds from the financing round to help further invest in growth in its sneaker business as well as expanding and improving its one-of-a-kind authentication and logistics operation, which involves inspecting and authenticating shoes from both sides of the trade simultaneously in a complex and highly-interconnected process. Additionally, Tradeblock will be investing in more data science capabilities to enhance the customer experience as it continues to define the virtual bartering experience by developing the marketplace further. The funding raised within this round brings Tradeblock closer to its north star of providing accessibility in the resale market for those who should not let high and unjust prices define the attainability of their dreams and culture and also of ensuring that the marketplace offers the best in class services for its members.
Tradeblock is also driven by a deep passion for building a company that actually resembles the people it serves. “Black and brown communities have always been the backbone of the sneaker industry and sneaker culture,” says Co-Founder and CEO Mbiyimoh Ghogomu. “Showing those folks that they can be the owners and operators of this industry as opposed to just consumers is both a point of pride and a deeply rooted responsibility for everybody at Tradeblock.” The Tradeblock team embodies this sentiment of representation within their workforce: besides having three Black founders, Tradeblock’s workforce is more than 80% BIPOC, and the senior leadership team is over 75% BIPOC.
The marketplace is set for a rolling close to end their Seed II round and is expecting an additional $4.5 Million in investment by the end of it. Tradeblock aims to redefine the basis of sneaker culture by focusing on their pillars of community, accessibility and sustainability. The mission and vision resonate with the public and trumpet the goal of leveling the playing field for the BIPOC community who has played a tremendous role within the culture that is the foundation of the sneaker industry.
"Tradeblock is revolutionizing the way forward for the new emergent asset class of footwear. The founding team's understanding of the nuances of culture and tech gives them an unfair advantage in the industry and the team’s desire to lead with inclusion, representation, and authenticity also provides them with unique and meaningful organic engagement,” says Tradeblock angel investor Jason Mayden, a former Nike and Jordan footwear designer who now serves as President of Fear of God Athletics.
The marketplace’s continual growth goes to show the long lasting impact it will have within the sneaker industry for years to come. Tradeblock provides its members with a new way to shop that is not only community focused but sustainable. The platform is now a frontrunner within the sneaker industry for its unique business model that makes sneakers more accessible for all.
You can find more information surrounding the funding announcement at https://www.tradeblock.us.
More about Tradeblock
Tradeblock is a social marketplace for sneakerheads that facilitates barter-based sneaker trades on the premise of being a solution to the common struggles of sneaker lovers, from bots to astronomical resale prices. The app has since facilitated thousands of trades with a growing community of more than 250,000 users and over a million sneakers available for trade on the app. Tradeblock taps into the growing trends of sustainable consumption, the secondhand economy and bartering, particularly in a sneaker industry growing void of consumer experience.