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Saturday, May 18, 2024

Swag Kicks raised $1.2 million in a seed funding round

A Karachi-based startup, Swag Kicks has raised $1.2 million in a seed funding round led by foreign investors and local angel investors.

Swag Kicks, an online platform that sells used clothing, footwear, and accessories from renowned global brands, has raised $1.2 million in seed funding. The startup aims to expand its footprint in Pakistan’s vintage e-commerce.

The funding round was led by i2i ventures. Other prominent venture capital firms such as Techstars Toronto, CrossFund Hong Kong, Rose Lake Ventures, Elevation Ventures, STAK group, and angel investors also participated in the funding round.

Swag Kicks, co-founded by Nofal Khan, Mateen Ansari, and Hamza Abid, seeks to promote sustainable fashion through used clothes and footwear from around the world. The official sources suggested that it washes and disinfects all the items before listing them online.

Read more: AdalFi generates $7.5 million in seed funding

Moreover, the startup has listed almost 25,000 items on its platform including shoes, apparel, bags, and accessories, and has served more than 100,000 customers.

Furthermore, the company estimates the global second-hand marketplace to grow 127% to $218 billion by 2026 as rising inflation results in increasing consumer interest. The CEO of the company, Nofal Khan said; 

“We, at Swag Kicks, aim to give young Pakistanis a means of expression via fashion by furnishing them with authentic global sneaker and streetwear brands at affordable prices. Swag Kicks has a curated collection of 50+ sneaker brands, including brands like Solomon and Doc Martens, which are not readily available in Pakistan,”

Additionally, the i2i Ventures Co-founder and General Partner Misbah Naqvi expressed himself as;

“The second-hand clothing market in Pakistan is large, but the supply side is very fragmented. The Swag Kicks team is able to operate at scale because of the elaborate back end they’ve built, including an in-house warehouse SaaS product that has tremendous potential. We’re honored to back them and be in their corner.”

Read more: Weekly inflation spiked at 38.4%

Venture capitalists see the funding round as a significant development as Pakistan struggles with serious financial and economic challenges.