Rares, an online community and marketplace for investing in ultra-rare sneakers, has secured fresh funding to drive its growth.
The company raised almost 4 million dollars in a seed funding round led by MaC Venture Capital, with additional participation from Cake Ventures, Portfolia Rising America Funds I and II, and Evolution VC.
The company said the funding will support the growth of its team, expand its product and inventory, and bolster its ability to deliver “ultra-rare and valuable assets to the cultures that made them popular”.
Rares bills itself as the first alternative asset marketplace exclusively for sneakers. The platform has merged traditional investing with the burgeoning sneaker market, allowing users to buy and trade fractional ownership of highly valuable sneakers.
Launched in April of 2021, Rares says its goal is to “financially empower sneaker culture and its participants”.
Its first major acquisition before this seed round was the Air Yeezy prototype, which it acquired for 1.8 million dollars.
“Access to significant capital has been the achilles heel for many entrepreneurs, especially women and other minorities,” said Rares co-founder Gerome Sapp in a release.
“So as a minority, being able to close this significant seed investment round with MaC Venture Capital leading provides my incredible team and I with a new inspired enthusiasm for the bright future ahead for Rares.”