China-based shoe trading marketplace Nice raised an eight-figure dollar sum yesterday in a series D round led by TPG-SV China Ventures, an investment fund backed by telecommunications conglomerate SoftBank.
Venture capital firms Invention Capital and Matrix Partners China also participated in the round.
Founded in 2013, Nice originally operated a photo-based social media network but pivoted in July 2018 to an online trading platform for limited edition sneakers. The money will support further development of the platform, drive recruitment and the acquisition of more customers.
TPG-SV China Ventures is a $300m vehicle formed by SoftBank Ventures Asia, the group’s regional corporate venturing unit, together with private equity firm TPG and VC firm Vision Plus Capital.
Ding Haipeng, partner at TPG-SV China Ventures, told news publication 36Kr: “Fashion is no longer just an interest of a minority group, but an important life attitude shared by most young people nowadays.
“Nice has the potential to become the Chinese version of StockX, which is not only an online marketplace for buying and selling sneakers but also a trading platform for all consumer products that have appreciation potential.”
Nice had previously received a total of $64m across three rounds that were all raised in 2014, including an $8m series A round in May that was backed by Matrix Partners China and Morningside Ventures.
Both returned for a $20m series B round in July that was led by H Capital and backed by Vy Capital, before Vy Capital and Tiger Global Management supplied $36m in series C funding in December.
