SidelineSwap, a online marketplace for sports gear and equipment, announced a $2 million seed extension funding round. Investors include Global Founders Capital, Haystack Partners, Riverpark Ventures and Fullstack Sports Ventures, along with the former CEO of Etsy Maria Thomas, the Formula One Managing Director and The Players’ Impact – a group of Olympians and professional athletes from the NHL, NBA, MLB and NFL.
SidelineSwap is a community of more than 150,000 athletes. While most people use the platform to sell last season’s equipment, top sellers earn more than $100,000 annually, said the company. With 10% month-over-month growth during the past year, SidelineSwap has a larger section of used sports equipment than eBay in several sports. Currently, product is centered on hockey, lacrosse, skiing, golf, and baseball, with very little “outdoor” gear, at least for now.
“We’re proud of what we’ve built to date for the sports industry, but we also recognize we’re only scratching the surface of what we can offer athletes who are looking for discounted gear,” said Brendan Candon, CEO of SidelineSwap. “This funding will allow us to make major improvements to the marketplace for both buyers and sellers and attract even more users by widening our reach and adding new sports.”
“As a parent and a sports enthusiast, I love having a dedicated and reliable place to buy and sell our family’s sports gear,” said SidelineSwap investor, former Etsy CEO and current CMO of Remote Year, Maria Thomas. “I’m thrilled to support this team as they help athletes stay on top of their games.”
On average, buyers, which are predominately high school and college students, can save 50% off retail price by shopping the lightly used gear. Additionally, SidelineSwap is activating an entirely new generation of sellers – 90% have never sold anything online before being introduced to the marketplace.
“In terms of the used sports equipment market, SidelineSwap is trying to change how and what products get to the consumer,” said pitcher for Minnesota Twins, Ryan O’Rourke. “To have elite level equipment showing up on youth fields all around the country is a testament to SidelineSwap’s idea, and more importantly the vision. I am excited to see the growth of this company knowing fully that youth athletes will be better equipped to enjoy the sport they love.”
The seed extension is SidelineSwap’s third round of funding. The company previously raised a $1.8 million seed round in spring 2016, and prior to that, $120,000 from family and friends in fall 2014. To date, the company has raised $4 million.
