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GOAT | Success Diaries
Decoding GOAT - the world’s largest sneaker marketplace
2
Copyright Kalaari Capital 2021
Primary and resale marketplace for
sneaker collectors and casual shoppers
alike with a ship-to-verify model
revolving around authenticity
WHAT
22%
800K+
WHEN
HOW
Official launch was in July 2015, but it
was that year’s Black Friday sale which
made GOAT a go-to-platform for
sneakerheads
Solving for counterfeits in a landscape
where fans used unconventional
hacks for detecting fakes. A business
which would not be funded by most VCs
DROP CULTURE
Sweeping excitement and demand for the release of a new
product, available for a brief period. It drives the prices
skyward, simultaneously building rapid moment for a brand
Prices for custom designed, celebrity endorsed, exclusive
sneakers could go up to $113K a pair – Classic Air Jordans!
Footwear is an artistic choice, a fashion statement and for
sneakerheads - a lifestyle with no compromise
TAILWINDS WHICH MATTER
SNEAKER FANATICISM
GOAT derives its success from four key tenets
3
Capitalising the
cultural wave
Creating a
frictionless
experience
Iconic brand
building
through
differentiated
strategies
Building
trust through
AI- based
authentication
1 2
3
4
Strategic partnerships hit the home run with sneakerheads; editorials like
'Greatest' positioned GOAT as an iconic brand which celebrates the
greatest in very industry. Excellent brand recall with customer stickiness
helped expand the global reach to 30mn people.
Iconic brand building through differentiated strategies
Leveraging technology to identify counterfeits, GOAT has been wildly
successful in discouraging disintermediation. It’s value proposition of
authentication for resold sneakers has worked like a charm among the
sneaker enthusiasts.
Building trust through AI based authentication
Instead of having multiple sellers offering the same product, GOAT
enabled SKU-based search for over 800K listings at the lowest, single
price which was previously unavailable on other marketplaces.
Creating a frictionless experience
The sneaker and streetwear market is expected to reach $30 bn in sales
globally by 2030. From solving for counterfeit sneakers to developing a
cult-like following, GOAT timely capitalized the cultural wave.
Capitalising the cultural wave
Copyright Kalaari Capital 2021
College roommates who stuck together through multiple business failures
4
Copyright Kalaari Capital 2021
Daishin Sugano
Eddy Lu
• Roomies at UC Berkeley
• Quit their corporate jobs on the same day
• Started a golf apparel Co. - took sewing classes
• Ran online tea business - got certified as tea masters
• Built countless 99 cent gaming iOS apps
• Sold cream puffs of Japanese chain, Beard Papa
• Started a dining app for strangers called GrubWithUs
• Finally, struck gold w/ GOAT
Sneaker Marketplace:
Pride of a middleman
Copyright Kalaari Capital 2021 5
Numbers justifying the cult-like following for GOAT
6
Copyright Kalaari Capital 2021
Sneaker
brands
350+
Global GOAT
community
30M+
International
markets
Sneaker
listings
Premium sneaker
market growth
from ‘09 to ‘17
170+
Fulfilment
centres globally
65
F-100 Cos
12M+
DAU*
22%
Sellers
globally
600K+
Price of high-
end sneakers
$113K
13
800K+
Strong conviction from renowned VCs with a unicorn status
7
Copyright Kalaari Capital 2021
8
Valuation (Sept’20)
Total funding raised
since 2015
Funding rounds
Valuation step up in
last funding round
~300M
1.75B
3.3x
Round Year ($ mn) Investor
Series E 2021 Undisclosed Groupe Artemis
Series E 2020 100 D1 Capital Partners
Series D 2019 100 Footlocker, Agile Equity
Series C 2018 60
Index Ventures, Accel Partners, Upfront
Ventures, Webb Investment Network, Matrix
Partners, Agile Equity
Series B 2017 25
Accel Partners, Matrix Partners, Upfront
Ventures, Webb Investment Network, Agile
Equity
Series A 2016 5 Matrix Partners, Upfront Ventures
Series A 2012 7.8 Upfront Ventures, Michel Daher
Seed 2011 1.6
Andreessen Horowitz, First Round Capital,
NEA, SV Angel, Start Network, Y Combinator,
Webb Investment Network, Paul Bechheit,
Alexis Ohanian
…Making the most of a Black Friday fiasco
8
Copyright Kalaari Capital 2021
The post-Thanksgiving shopping event, the
biggest on American calendar almost broke
the then-fledging company.
Days leading up to 2015 Black Friday sale
had seen non existential sales till a
promotional discount led to a server crash
due to traffic overload. It put GOAT on the
map of sneaker fans and word-of-mouth
publicity brought in phenomenal growth.
Since then, GOAT’s Black Friday
promotional event giveaways have
become a cultural moment for the
global sneakerhead community.
A look at the winning strategies
Copyright Kalaari Capital 2021 9
A host of factors led to GOAT’s phenomenal success
10
Copyright Kalaari Capital 2021
Leveraging tech
DNA
Making the experience
fully searchable
Sheer focus on
authenticity
Brand building through
storytelling & partnerships
Critical mass
serving as ‘moat’
Global footprint with an
eye for local wins
1 2 3
5 6
7
Offering advantage
to sellers
4
Leveraging tech DNA which forms the backbone of the company
11
Copyright Kalaari Capital 2021
Building a big, rich database
using image recognition to
differentiate the real from
fake, it has built multiple
neural networks
1
Using augmented reality for
virtual sneakers trials, ‘object
mode’ enables users to view the
selected SKU on flat surfaces
all rendered by AR
Database serves
as firepower
Unique customer
experience w/ AR
Sellers need to capture photos
from 7 different angles for every
pair of sneakers; every review
includes a mix of computer
vision, ML and human experts
before sale to ensure authenticity
Attention to details
Creating a global centralized marketplace
with a network of distribution centers across
the globe for shipping to customers in 170+
countries.
A superior UI allows buyers to see the
cheapest price for each SKU.
Price transparency allows sellers to list at
whatever price they wish.
12
Copyright Kalaari Capital 2021
Being a ‘one-stop-shop’ - making the experience fully searchable
2
13
Copyright Kalaari Capital 2021
Sheer focus on authenticity with the rare promise of a full refund
3
14
Copyright Kalaari Capital 2021
Fixed + Variable Variable w/o slabs
Variable w/ slabs
§ Processing Fee @ 3%
§ Commission
@ 8-9.5% with a
minimum threshold
across currencies
§ Fixed Seller Fee
depending on location
§ Commission
@ 9.5%-20% depending
on seller ratings
§ Commission @ 20%
Sharp focus on seller side pricing advantage
4
Brand building through compelling storytelling and solid partnerships
15
Copyright Kalaari Capital 2021
Iconic brand positioning
through tie ups with -
NBA players like Rui Hachimur & Kyle
Kuzma adding stardom to the platform.
Luxury brands like Versace for the launch
of an exclusive line of sneakers.
Release of editorials like Greatest which
showcase the stories of industry veterans
as well as upcoming leaders who are paving
unique paths in their respective industries.
5
Critical mass serving as MOAT
16
Copyright Kalaari Capital 2021
6
Large audience of buyers
Large inventory of sellers
Strong cross-side effects
safeguarding against
competition and new players
COVID period
Repeat purchasers/sellers
Setting a global footprint with an eye for local wins
17
Copyright Kalaari Capital 2021
Massive opportunity in Asia
Pacific after nailing in the
West
July 2019 saw the official launch in China,
second largest market for sneakers globally.
A localized GOAT app, collaboration with
WeChat, and a spectacular kick start event
showcasing the rarest sneakers gave the
Chinese an authentic experience from Day 1.
GOAT has 13 fulfilment centres globally
with state of art technology, 7 outside of US.
Their website allows payments in 11
currencies offering convenience to users.
7
Key takeaways from GOAT
18
Copyright Kalaari Capital 2021
Differentiated brand building – staying true to your brand
Obsession with superior customer experience irrespective of the scale
Global ambition with local execution to win in every unique market
Untenable customer demand can be a sign of product market fit
Building liquidity requires elimination of friction
Transform a marketplace into your customer’s lifestyle choice
Learnings from the founders
19
Copyright Kalaari Capital 2021
Resilience and perseverance - most important virtues of a founder
Try to forge your own path and stay true to yourself
Pursue an idea only if you are super passionate about it
Resolve co-founder issues promptly without losing sight of the big picture
Every experience will hone you and help you develop skills that you lack
Thank You
20
Copyright Kalaari Capital 2021

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GOAT | Success Diaries

  • 2. Decoding GOAT - the world’s largest sneaker marketplace 2 Copyright Kalaari Capital 2021 Primary and resale marketplace for sneaker collectors and casual shoppers alike with a ship-to-verify model revolving around authenticity WHAT 22% 800K+ WHEN HOW Official launch was in July 2015, but it was that year’s Black Friday sale which made GOAT a go-to-platform for sneakerheads Solving for counterfeits in a landscape where fans used unconventional hacks for detecting fakes. A business which would not be funded by most VCs DROP CULTURE Sweeping excitement and demand for the release of a new product, available for a brief period. It drives the prices skyward, simultaneously building rapid moment for a brand Prices for custom designed, celebrity endorsed, exclusive sneakers could go up to $113K a pair – Classic Air Jordans! Footwear is an artistic choice, a fashion statement and for sneakerheads - a lifestyle with no compromise TAILWINDS WHICH MATTER SNEAKER FANATICISM
  • 3. GOAT derives its success from four key tenets 3 Capitalising the cultural wave Creating a frictionless experience Iconic brand building through differentiated strategies Building trust through AI- based authentication 1 2 3 4 Strategic partnerships hit the home run with sneakerheads; editorials like 'Greatest' positioned GOAT as an iconic brand which celebrates the greatest in very industry. Excellent brand recall with customer stickiness helped expand the global reach to 30mn people. Iconic brand building through differentiated strategies Leveraging technology to identify counterfeits, GOAT has been wildly successful in discouraging disintermediation. It’s value proposition of authentication for resold sneakers has worked like a charm among the sneaker enthusiasts. Building trust through AI based authentication Instead of having multiple sellers offering the same product, GOAT enabled SKU-based search for over 800K listings at the lowest, single price which was previously unavailable on other marketplaces. Creating a frictionless experience The sneaker and streetwear market is expected to reach $30 bn in sales globally by 2030. From solving for counterfeit sneakers to developing a cult-like following, GOAT timely capitalized the cultural wave. Capitalising the cultural wave Copyright Kalaari Capital 2021
  • 4. College roommates who stuck together through multiple business failures 4 Copyright Kalaari Capital 2021 Daishin Sugano Eddy Lu • Roomies at UC Berkeley • Quit their corporate jobs on the same day • Started a golf apparel Co. - took sewing classes • Ran online tea business - got certified as tea masters • Built countless 99 cent gaming iOS apps • Sold cream puffs of Japanese chain, Beard Papa • Started a dining app for strangers called GrubWithUs • Finally, struck gold w/ GOAT
  • 5. Sneaker Marketplace: Pride of a middleman Copyright Kalaari Capital 2021 5
  • 6. Numbers justifying the cult-like following for GOAT 6 Copyright Kalaari Capital 2021 Sneaker brands 350+ Global GOAT community 30M+ International markets Sneaker listings Premium sneaker market growth from ‘09 to ‘17 170+ Fulfilment centres globally 65 F-100 Cos 12M+ DAU* 22% Sellers globally 600K+ Price of high- end sneakers $113K 13 800K+
  • 7. Strong conviction from renowned VCs with a unicorn status 7 Copyright Kalaari Capital 2021 8 Valuation (Sept’20) Total funding raised since 2015 Funding rounds Valuation step up in last funding round ~300M 1.75B 3.3x Round Year ($ mn) Investor Series E 2021 Undisclosed Groupe Artemis Series E 2020 100 D1 Capital Partners Series D 2019 100 Footlocker, Agile Equity Series C 2018 60 Index Ventures, Accel Partners, Upfront Ventures, Webb Investment Network, Matrix Partners, Agile Equity Series B 2017 25 Accel Partners, Matrix Partners, Upfront Ventures, Webb Investment Network, Agile Equity Series A 2016 5 Matrix Partners, Upfront Ventures Series A 2012 7.8 Upfront Ventures, Michel Daher Seed 2011 1.6 Andreessen Horowitz, First Round Capital, NEA, SV Angel, Start Network, Y Combinator, Webb Investment Network, Paul Bechheit, Alexis Ohanian
  • 8. …Making the most of a Black Friday fiasco 8 Copyright Kalaari Capital 2021 The post-Thanksgiving shopping event, the biggest on American calendar almost broke the then-fledging company. Days leading up to 2015 Black Friday sale had seen non existential sales till a promotional discount led to a server crash due to traffic overload. It put GOAT on the map of sneaker fans and word-of-mouth publicity brought in phenomenal growth. Since then, GOAT’s Black Friday promotional event giveaways have become a cultural moment for the global sneakerhead community.
  • 9. A look at the winning strategies Copyright Kalaari Capital 2021 9
  • 10. A host of factors led to GOAT’s phenomenal success 10 Copyright Kalaari Capital 2021 Leveraging tech DNA Making the experience fully searchable Sheer focus on authenticity Brand building through storytelling & partnerships Critical mass serving as ‘moat’ Global footprint with an eye for local wins 1 2 3 5 6 7 Offering advantage to sellers 4
  • 11. Leveraging tech DNA which forms the backbone of the company 11 Copyright Kalaari Capital 2021 Building a big, rich database using image recognition to differentiate the real from fake, it has built multiple neural networks 1 Using augmented reality for virtual sneakers trials, ‘object mode’ enables users to view the selected SKU on flat surfaces all rendered by AR Database serves as firepower Unique customer experience w/ AR Sellers need to capture photos from 7 different angles for every pair of sneakers; every review includes a mix of computer vision, ML and human experts before sale to ensure authenticity Attention to details
  • 12. Creating a global centralized marketplace with a network of distribution centers across the globe for shipping to customers in 170+ countries. A superior UI allows buyers to see the cheapest price for each SKU. Price transparency allows sellers to list at whatever price they wish. 12 Copyright Kalaari Capital 2021 Being a ‘one-stop-shop’ - making the experience fully searchable 2
  • 13. 13 Copyright Kalaari Capital 2021 Sheer focus on authenticity with the rare promise of a full refund 3
  • 14. 14 Copyright Kalaari Capital 2021 Fixed + Variable Variable w/o slabs Variable w/ slabs § Processing Fee @ 3% § Commission @ 8-9.5% with a minimum threshold across currencies § Fixed Seller Fee depending on location § Commission @ 9.5%-20% depending on seller ratings § Commission @ 20% Sharp focus on seller side pricing advantage 4
  • 15. Brand building through compelling storytelling and solid partnerships 15 Copyright Kalaari Capital 2021 Iconic brand positioning through tie ups with - NBA players like Rui Hachimur & Kyle Kuzma adding stardom to the platform. Luxury brands like Versace for the launch of an exclusive line of sneakers. Release of editorials like Greatest which showcase the stories of industry veterans as well as upcoming leaders who are paving unique paths in their respective industries. 5
  • 16. Critical mass serving as MOAT 16 Copyright Kalaari Capital 2021 6 Large audience of buyers Large inventory of sellers Strong cross-side effects safeguarding against competition and new players COVID period Repeat purchasers/sellers
  • 17. Setting a global footprint with an eye for local wins 17 Copyright Kalaari Capital 2021 Massive opportunity in Asia Pacific after nailing in the West July 2019 saw the official launch in China, second largest market for sneakers globally. A localized GOAT app, collaboration with WeChat, and a spectacular kick start event showcasing the rarest sneakers gave the Chinese an authentic experience from Day 1. GOAT has 13 fulfilment centres globally with state of art technology, 7 outside of US. Their website allows payments in 11 currencies offering convenience to users. 7
  • 18. Key takeaways from GOAT 18 Copyright Kalaari Capital 2021 Differentiated brand building – staying true to your brand Obsession with superior customer experience irrespective of the scale Global ambition with local execution to win in every unique market Untenable customer demand can be a sign of product market fit Building liquidity requires elimination of friction Transform a marketplace into your customer’s lifestyle choice
  • 19. Learnings from the founders 19 Copyright Kalaari Capital 2021 Resilience and perseverance - most important virtues of a founder Try to forge your own path and stay true to yourself Pursue an idea only if you are super passionate about it Resolve co-founder issues promptly without losing sight of the big picture Every experience will hone you and help you develop skills that you lack