Bump, the marketplace for streetwear is announcing that in Series A funding, it raised around $7.5 million.
Jack Ryder of Bump, had told that before starting the company that he and Sam Howarth, his co-founder were pretty much active with buying and selling sneakers and streetwear. However, he admitted that it took several attempts before it has found its right model. He informed that its previous model was “the world’s worst idea.”
Now Ryder said that the startup has almost 2 million registered users. The company allows them to purchase and sell t-shirts, jackets, sneakers and many more among themselves. The users can sort via the marketplace based on color, size, and brand. It enables one-on-one or group chats for convenience.
The startup relies on crowdsourcing and moderators to determine a fake listing. Previously there have been some issues with lesser than 2% of listings inside the app. Ryder said that most times it’s mainly young, inexperienced sellers without the understanding of how to ship an item.
Ryder sees the startup’s social side as the main opportunity for growth. He said that Bump still has rooms in streetwear to go on although a more significant and important mission is coming soon to transform the online shopping into a multiplayer experience.
There are lots of places online to buy streetwear, but the uniqueness of Bump is its social side. Average users’ age is 15 years old which is younger than the age demographic of people that are interested in streetwear and sneakers. Bump is solving how Gen Z shops online with their friends.
Ryder was told to shy away from the concept of social shopping when went to YC. The reason was there is a graveyard of such failed startups. But he believes that those startups were including only adding like button or follow button instead of bringing together the shopping and social experiences.