Wethenew, the popular online retailer specializing in the resale of limited sneakers, has announced a significant boost in funding. The company has raised a remarkable €20 million in a Series B funding round, just under two years after securing €10 million in its first round of funding. This new funding round has been made possible by the contributions of Singular fund, C4 Ventures, Chalhoub Ventures & Acquisitions, and several new business angels.

Co-founder Michael Holzmann expressed his gratitude for the continued trust from Singular fund and emphasized the value that C4 Ventures’ technical expertise will bring to the company. Additionally, he highlighted the exciting opportunity to collaborate with Chalhoub Group, a renowned international distribution player, on expansion opportunities in the Middle East. The fundraising process initially aimed for €15 million and took nearly a year to complete.

Wethenew has experienced remarkable growth, with its turnover surpassing €100 million last year and its sales doubling. The company impressively processed over half a million orders in 2022 and has significantly expanded its staff, now employing over 120 people. With the infusion of new funds, Wethenew is determined to continue its expansion efforts and make investments in technological advancements.

In the upcoming weeks, Wethenew plans to launch new sites in Germany, Belgium, the Netherlands, and Italy, in addition to its already active Spanish site. The company has set a goal to generate 40% of its turnover from international markets by 2026 and is exploring potential trials in the Middle East through the extensive networks of Chalhoub Group. Wethenew also has plans to broaden its product range by tripling its number of references, introducing new brands like Hoka One One and Salomon, alongside its existing collaborations with clothing brands such as Champion and Schott.

Despite expanding its offerings, Wethenew remains dedicated to promoting streetwear culture, which has played a significant role in its success. The company firmly believes that its investments in AI and CRM tools will enable it to remain competitive and provide personalized product recommendations to its customers. While there is a potential risk of losing its distinct identity as a sneaker retailer, Wethenew has confidence in its technological advancements and their ability to seamlessly integrate new products.

Looking ahead, Wethenew has set its sights on becoming the leading online distributor of sneakers and streetwear in Europe. The company has experienced substantial growth this year and is determined to achieve profitability. Additionally, Wethenew is open to the possibility of acquiring a competitor in France or another European market to expedite its growth even further. With the newly secured funds, Wethenew is in a strong position to continue its expansion and achieve its ambitious goals within the industry.

Resources:

1. Wethenew Official Website
2. Chalhoub Group Official Website