South Korean luxury resale marketplace Kream has bagged US$168 million in series C led by returning backer Altos Venture, according to TechCrunch.
SoftBank Ventures Asia, e-commerce giant Naver and Mirea Asset Capital, and two new investors – Samsung Securities and Axiom Asia – also joined the round. The luxury platform was estimated to be valued at about $742 million after the latest round, more than double its October 2021 valuation of $306 million.
According to TechCrunch, the funds will be by Kream for future investments, especially in Asia, and for expanding its offering and headcount.
The Naver-owned platform was reported to acquire 22.47 per cent in Shake Hands – Malaysia’s biggest sneaker resale community, SneakerLah – for $1.7 million last year. The retailer also bought a 2.71 per cent stake in Singapore-based online marketplace operator Quista Technology the same year.
Founded in 2020, Kream is a resale platform for trading authentic limited-edition sneakers and streetwear in South Korea.