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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.” View this post on Instagram A post shared by Rares (@raresapp) “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...
Kevin Durant’s investing power has reached a whole new level as his latest investment is setting him up for more success. According to a report from Sportico, Durant’s investment vehicle, Thirty Five Ventures, participated in a $200 million Series F funding round for health tracking firm WHOOP, which has brought the company’s valuation to $3.6 billion. The new appraisal reportedly will result in a nearly 2,800% return for Durant and his investment firm, topping off yet another successful backing. Sportico also reports that Durant first invested in the health tracking company back in 2017, and just a year later the firm was pegged at a valuation of $125 million. So to see that number now skyrocket to the billion-dollar club means an incredible payoff for the two-time NBA champ’s investment arm. Since early last year, Durant has been busy capitalizing on his success off the court through the development of Thirty Five Ventures — which has made 39 investments to date, according to...