Sneaker-Trading Start-Up, TRADEBLOCK, Records Huge Growth Eight Months Post-Launch
AUSTIN, Texas, Jan. 11, 2022 /PRNewswire/ -- Tradeblock, the sneaker trading platform and free mobile app that launched in May 2021, has announced huge growth to date. In just eight months, Tradeblock has over 100,000 collectors in the app. Tradeblock is a trade-only experience and allows collectors to trade with one another via fantasy-sports style barter negotiations. Besides the reported user growth, the start-up also reports that the total number of sneakers in members' "closets" has grown to more than 500,000 pairs over the past six months, with a gross market value of more than $200 million. Actual trade activity is spiking as well with completed trades growing more than 150% quarter over quarter since launch.
The unique trading experience has attracted countless sneakerheads looking to trade their current shoes for something more desirable. Many of them cite the ability to use their "kicks as currency" (as opposed to paying exorbitant resale prices) as a key differentiator. "Like I always tell fellow sneakerheads, on Tradeblock, cash isn't king," shares "Krewe de Jawn", a member of Tradeblock that closed over 100 trades in 2021. "The opportunity to connect with other passionate sneaker collectors every time I open the app, in my opinion, is what keeps this community thriving."
Mbiyimoh Ghogomu, Darren Smith, and Tony Malveaux, Tradeblock's three co-founders, sneakerheads and also childhood friends, have caught the eye of many interested in sneaker culture and innovative tech start-ups. In June 2021, Tradeblock was recognized as Forbes Next 1000, Class of 2021. Later in 2021, Tradeblock also received funding from Google for Startups Black Founders Fund. More than 60% of Tradeblock's angel investors are people of color. This group includes sneaker industry veterans like Jason Mayden, a former Nike footwear designer who is now VP of Fear of God Athletics, and Keith Houlemard, former President of Jordn Brand. The company also recently closed a round of seed fundraising led by Trinity Ventures and Concrete Rose Capital.
"The Tradeblock community is a mix of old school and new school sneakerheads," says Tradeblock CEO + Co-founder Mbiyimoh Ghogomu, "and while many of them express little to no desire to sell their kicks on the existing marketplaces, they love being able to explore other people's collections and negotiate trades. We're offering an entirely new and exciting approach to collecting, and as a result our member growth and community engagement has been off the charts."
Tradeblock takes community building very seriously. The team attended eight Sneaker Cons around the country in 2021 and participated in the San Antonio Spurs' Sneaker Jam in November. The co-founders also participate regularly in local sneaker events throughout the Houston and Austin areas. "We put a lot of emphasis on our ground game," shares Smith, Tradeblock Chief Operating Officer and Co-founder. "We wouldn't be here without the support of the sneaker community, so it's absolutely critical to us to consistently connect with sneakerheads on a one on one and local level."
Tradeblock has also recruited some of the top developers and product designers in Austin's competitive tech ecosystem, in addition to a rapidly growing team of sneaker authenticators in Houston.
For media inquiries, contact Diana Bianchini, [email protected], 310.288.0077 (ph).
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