Thursday, January 12, 2017

Mark Cuban Is Getting Into the Sneaker Business

After expanding to China last summer, retail and consignment sneaker shop Stadium Goods has announced its next power move, raising $4.6 million in new equity funding that will fuel new growth in the footwear market. According to a press release, the financing round was led by Forerunner Ventures, which has Warby Parker, Dollar Shave Club and in its portfolio. Mark Cuban, Dallas Mavericks owner, is also a partner and advisor.

“In just over a year in business, we’ve experienced tremendous growth and, more importantly, helped to legitimize the resale model by making it more relevant and accessible to all types of consumers,” said Jed Stiller, Co-Founder and Managing Partner of Stadium Goods. “We’re thrilled to have found the perfect partners in Forerunner Ventures and The Chernin Group, among others, to build on our successes to date as we look to innovate and scale rapidly."