NBA Hall of Famer David Robinson is among the investors in SidelineSwap’s $5 million Series A financing round.
SidelineSwap, a digital marketplace for new and used sports equipment, has now raised nearly $9 million total since its 2015 launch by a pair of former Division I lacrosse players, Brendan Candon (Holy Cross) and Anthony Piazza (Bucknell), who also both played the sport at Long Island’s Chaminade. (Candon graduated two years before Piazza.)
The pair knew how expensive new gear cost, so they sought to professionalize the cottage industry of trading and buying used equipment. Reverb offers a similar solution for musicians, and sites like Etsy cater to those seeking to buy and sell crafts. Etsy’s former CEO, Maria Thomas, was an early investor.
“Our goal has always been to build the best shopping experience for the sporting goods customer,” Candon, SidelineSwap’s CEO, said in a press release. “To us, that means creating an experience that combines commerce, community and content. With this round of financing, we’ll focus on building the largest selection of used and new inventory at the best prices, and continue our efforts to help make high-cost sports more accessible to athletes everywhere.”
Global Founders Capital led the Series A round that Robinson’s Admiral Capital joined along with Peak6 Sports, RiverPark Ventures, FJ Labs and The Player’s Impact.
“We are excited to expand our portfolio of sports technology investments and tap into our sports network to help accelerate SidelineSwap’s growth,” said Robinson. “This rapidly growing platform has social benefits consistent with the Admiral Capital Group mission and we look forward to helping make sports more affordable and accessible.”
SidelineSwap was a finalist in last year’s Sports Tank event — an annual competition for sports technology startups — and has sold gear uploaded by such luminaries as two-time Olympic gold medalist ski racer Ted Ligety, pro lacrosse player Paul Rabil (SportTechie’s Most Tech-Savvy Athlete for 2017), and New York Rangers left winger Jimmy Vesey.
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SportTechie Takeaway
SidelineSwap reports rapid expansion among its user base — now more than 200,000 athletes, with three straight years of triple-digit growth — in a sporting goods industry whose estimated revenues are in the tens, if not hundreds, of billions of dollars. Peer-to-peer marketplaces are undercutting established retail everywhere, from the aforementioned Reverb and Etsy to AirBnB, eBay and Craiglist, so this growth in the sporting goods industry is a natural extension of the universal trend.