Wethenew, a French start-up that allows users to buy and sell limited-edition sneakers online, has raised €10 million in a Series A funding round led by Singular and several angel investors. 2CFinance conducted the financial due diligence for the company.
Founded in 2018 by Michael Holzmann and David Benhaïm, Wethenew procures and verifies the state and authenticity of the desired pair of sneakers before delivering it to the customer’s doorstep, earning a commission for their services.
With over 100,000 customers and a team of 60 in just three years, Wethenew aims to become a leading provider of urban culture in Europe. The funds raised will be used to invest in technology and automation, create new content, and expand to new international markets.
This is the second time that Wethenew has raised funds, the first being in 2019. The start-up will continue to work towards its goal of becoming the go-to platform for sneaker enthusiasts, as well as expanding its product offerings in the future.
Singular is a venture capital firm that invests in innovative companies and has over €300 million in assets under management. Meanwhile, 2CFinance is a financial services company that provides strategic and financial advisory services to small and mid-sized businesses.
The success of this funding round is a testament to the growing popularity of Wethenew’s platform and the increasing demand for limited-edition sneakers. The start-up’s unique business model and expert verification process have helped it stand out in a crowded market and attract a loyal following of customers.
With the new funding, Wethenew is poised to continue its impressive growth and become a major player in the e-commerce industry.
