2 LA startups bring in a combined $9M

by John Siegel
August 30, 2016

Two LA startups had a pretty great Monday.

LA-based mobile sneaker marketplace GOAT announced $5 million, while Vroozi of Sherman Oaks brought in $4 million.

 

The new funding for GOAT will go toward fueling the company's growth on a domestic and international scale. The startup, which was founded in July 2015, has rapidly gained a foothold in the emerging sneaker resale industry, which is estimated to be worth over $1 billion. GOAT's average orders exceed $300, with the company reporting 40 percent month-over-month revenue growth. The company also plans on using the funds to grow its team.

"The sneaker community is very passionate, but has been left using outdated platforms for reselling," co-founder and CEO Eddy Lu said in a statement. "We've tapped into the market, offering a technologically advanced service they could use on the go."

The round was led by Matrix Partners, with participation from existing investors, including Upfront Ventures and Webb Investment Network. In addition to the funding news, Josh Hannah of Matrix Partners will join GOAT's board of directors. 

 

Sherman Oaks-based Vroozi can credit a tremendous 2015 that saw the company double its workforce and move to a new office for the $4 million round of funding the company announced Monday. 

The startup develops a cloud-based B2B procurement platform that streamlines companies' enterprise purchasing needs.

“The global demand for Vroozi's platform is growing exponentially. In the last 12 months, we saw mid-market companies to Fortune 500 enterprises across different industries becoming Vroozi customers,” CEO Steve Olds said in a statement. “Nothing says more about happy customers than happy employees using the tool.”

Ally Holdings led the round, with other stakeholders contributing as well.

Images via Flickr

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