Singapore single family office invest in Novelship’s $10M Series A

Singapore single family office invest in Novelship's $10M Series A

Novelship aims to create Asia’s leading curated sneakers and collectibles marketplace. Now, the firm raised a $10M Series A. Amongst the investors is the Singaporean single family office K3 Ventures of Kuok Meng Xiong.

Novelship: sneaker and collectibles marketplace

Novelship was founded in 2018 and is a marketplace and collectible platform for trendy sneakers and other objects. Every item is, according to the company, carefully curated. Buyers make a payment through Novelship’s platform, sellers ship the item to the firm where it gets checked for authenticity and condition. After the checks and payment, buyers receive the items and sellers get paid. So, the platform aims to get Asia’s first marketplace for trendy Nike’s, Air Jordan’s, Yeezy’s and so on. Also cryptocurrency payments are possible through the platform. So far, more than $200k of items have been bought through digital tokens. The platform is active in Singapore, Malaysia, Indonesia, Australia and other countries in the Asia-Pacific region.

Kuok Meng Xiong single family office from Singapore as investor

The recent $10M funding round was led by GSR Ventures and East Ventures. Other investors include iGlobe Partners and K3 Ventures. K3 Ventures is the single family office of Kuok Meng Xiong. K3 is a highly succesful venture capital focused single family office that pursues startup investments, co-investments and partnerships. Portfolio companies include airbnb, Apeel, TikTok, Planet and Palantir. The investment shows the increasingly important role of major Asian single family offices in venture capital markets.

Source: Businesstimes, 31.05.2022
Picture source: Daniel Storek, Unsplash

The presented family office is included in our unique Singaporean Single Family Office List. Our list contains the most important investment vehicles of wealthy families from Singapore, so-called Single Family Offices. These invest in capital markets, real estate, private equity, venture capital and alternative asset classes.

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