Dive Brief:
- EBay Ventures has invested an undisclosed sum into SidelineSwap, the online marketplace for new and secondhand sporting goods, according to a Thursday press release. EBay did not respond to Retail Dive’s request for comment regarding the investment amount.
- SidelineSwap plans to use the investment to enhance its online marketplace and grow its trade-in platform.
- Dick’s Sporting Goods last fall also invested in SidelineSwap through DSG Ventures, its corporate venture arm.
Dive Insight:
EBay is continuing to build its resale efforts through its latest investment in SidelineSwap.
“EBay Ventures’ investment in SidelineSwap represents our continued focus on circular economy and resale innovation, and our shared commitment to sustainability, affordability and best-in-class experiences for enthusiast buyers and sellers,” Dawn Block, eBay’s vice president of collectibles, electronics and home, said in a statement.
In the announcement regarding the investment, the companies noted that collaboration would enable them to reach more sporting goods customers.
“We’re excited about the eBay Ventures investment as it will help us to further shape the future of resale,” Brendan Candon, co-founder and CEO of SidelineSwap, said in a statement. “Our team has long admired eBay as the pioneer in recommerce, and we are looking forward to working together to ensure sporting goods customers find the best selection of gear at the best prices.”
Before eBay poured money into SidelineSwap, Dick’s Sporting Goods also invested in the company. Following a series of events in 2022, the retailer is working with SidelineSwap to host 200 trade-in events in 19 states during the first half of this year.
More retailers and brands have been turning to resale via companies like ThredUp and Trove to jumpstart their recommerce programs. And there’s a healthy demand for used goods — WD Partners recently found that 92% of U.S. consumers buy, sell or trade secondhand items at least once a year.
SidelineSwap’s platform includes pop-up events, and in-store and online trade-in options for retailers. The company has a hybrid model which includes peer-to-peer and first-party sales.
