Fintech startup Rares, a sneaker investment app, launched earlier this year and recently earned $4 million in a seed funding round.
The round was led by MaC Venture Capital on Oct. 11 and participants included Cake Ventures, Portfolia Rising America Funds I and II, Evolution VC, W Fund and Gaingels, according to a press release.
As previously reported by AfroTech, Rares was founded by former NFL player Gerome Sapp and his business offers its users fractional ownership through rare, high-priced sneakers. Rares’ mission is to give back to the Black community through providing accessibility to the sneaker market “by creating a new class of sneaker enthusiasts powered by financial literacy and cultural equity.”
“Access to significant capital has been the achilles heel for many entrepreneurs, especially women and other minorities,” Sapp said in a press 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.”
The press release discloses that the one-of-a-kind platform will use its new funding to grow its team, expand its product/inventory and “further enhance its ability to deliver ultra-rare and valuable assets to the cultures that made them popular.”
“Sneaker culture was born out of the Black community, but today many folks are priced out of the market,” said Marlon Nichols, Co-Founder and Managing General Partner of MaC Venture Capital. “Rares is making participation in the collectible sneaker space once again accessible to everyone, enabling the minorities and individuals that helped create the culture to build wealth from it. I’m grateful to be a part of this exciting chapter for the Rares team as we work to empower communities passionate about sneaker culture and building cultural and financial equity in the massive collectible sneaker market.”