Hype commerce start-up EQL closes $25M cap raise

Australian commerce platform EQL, focusing on hype surges and drops in retail demand, has successfully raised $25 million in funding.

The start-up is backed by global software investor Insight Partners, and Australian venture capital fund AirTree Ventures, as well as angels and VCs such as Guillaume Pausaz's Zinal Growth, Harry Stebbings' investment fund, 20VC, Sam Kroonenburg, and the family office of Michael Rubin. 

According to co-founder and CEO Andrew Lipp, the platform was designed in order to deliver fairer launches to retail partners.

“EQL started from a shared passion for fairness. As avid sneaker fans, we were sick of missing out while others scored in droves,” said Lipp.

Founders: Patrick Donelan, Andrew Lipp and James Boysons

“By using EQL, we’re giving brands more control of their limited release product drops and supporting more meaningful interactions with fans. This is something the market hasn’t experienced before. With us, they can own their hype and harness it. This is creating a new wave of commerce.”

The hype commerce platform has supported over 1000 launches since its inception, including a partnership with Nike to launch a Jordan collaboration with a French designer.

“When we decided to build the platform, our focus was on creating more fairness. This is still our truth today. As we’ve grown, we’ve always focused on how we can give fans better access to the products they love,” Lip said.

“With the support of Insight, AirTree and many incredible angels, we’re intent on helping the global hype community, and safeguarding fairness for fans across the world, well into the future.”

While the start-up’s initial focus was on the sneaker market, it has since moved into supporting luxury apparel, accessories and alcohol, and has plans to move into the gaming, ticketing and digital collectives industries soon.

According to AJ Malhotra, managing director at Insight Partners, “Avid and loyal fans can’t get their hands on products fast enough — and that hype can create a number of technical challenges for e-commerce retailers. EQL’s innovative platform is helping mitigate and prevent these challenges by creating seamless product launch experiences that give retailers more control and fans better access to the products they want.”

John Henderson, general partner at AirTree Ventures commented that EQL was born from the founders’ genuine frustration with not getting access to products during surges in demand.

“Todays' e-commerce infrastructure can't always handle the hype heat, but EQL now can. We were delighted to fund them and help turn EQL into what it is today; a fully fledged ecosystem working with global brands."