Suplexed Secures Strategic Investment from DTI Management
· November 6, 2019
Chicago, IL, November 06 - Suplexed, a price-aggregating mobile app (with companion website) focused on the resale market for sneakers, streetwear and other collectibles, announced today that it has secured a seven-figure strategic investment from DTI Management, the leading technology platform to distribute live event tickets through online resale marketplaces.
Suplexed was founded in 2017 by Chicago-based entrepreneur Alan Wehbi, a professional seller of sneakers, tickets and other high-demand consumer goods, when he saw the need for a price comparison tool to help buyers and sellers find the best online deals for high-end
sneakers. Wehbi partnered with co-founder Can "Jon" Cinar, an Istanbul-based software engineer, to design and build the app and companion websites. From its initial launch in the App Store and on Google Play, the Suplexed app now has more than 150k downloads, 85k active users and a 4.8 average rating.
As the $58 billion global sneaker market continues to grow, Suplexed fills the void for both buyers and sellers. Whether searching for the latest Supreme release or a grail sneaker that exceeds the cost of the average car in America, users can rely on Suplexed to find the best price from one or more trusted sources. Suplexed is an industry leader when it comes to providing data to buyers and sellers, and intends to cement that even further via this partnership with DTI.
By making this minority investment, DTI will provide the necessary funding and structure to enable Suplexed to increase its user base, continue to develop selling tools and begin its expansion into a wider array of high demand collectibles and luxury goods. In addition, Jared Cutler, a long-time executive at DTI, will join Suplexed as Head of Business Operations. Cutler, along with Wehbi and Cinar, will comprise the nucleus of the company's executive team.
"Partnering with DTI is a great move for Suplexed at this point in our evolution," says Suplexed President Alan Wehbi. "In addition to the financial investment, DTI and its subsidiary 1Ticket bring years of experience and knowledge in online multi-channel distribution and client management. So this is a 'win-win' for everyone involved, and we are very excited to take this to the next level."
Added DTI's CEO Curtis Cheng: "DTI is a seller-focused organization—now more than ever. And this investment allows us to grow horizontally as a company. It also exemplifies our belief in the power of the gig economy to create enhanced business opportunities for professional sellers of all types."
Suplexed was founded in 2017 and is based in the Chicagoland area. Suplexed provides buyers and sellers of sneakers, streetwear and other collectible goods with price aggregation and comparison tools via a mobile app and website. Currently, Suplexed offers product and price information on a wide array of brands including Nike, Adidas, Supreme, Jordan, Yeezy, Off- White and more from online marketplaces such as StockX, GOAT, eBay, Flight Club and Stadium Goods.
About DTI Management
DTI Management was founded in 2012 and is based in Arlington, Virginia. DTI streamlines the distribution of live event tickets through the secondary market, and provides a more controlled and profitable selling environment. DTI's full-service platform enables professional and amateur sellers to list their tickets on hundreds of online marketplaces. DTI is a portfolio company of CVC Growth Capital.
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