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Rares Opens Secondary Market Trading To Further Make The Sneaker Market More Inclusive For Investors

The inception of Rares, a fintech startup, came with the purpose of turning sneakerheads from once just collectors to investors. Having a love for kicks himself, former athlete Gerome Sapp took his insight of them being alternative assets and created a platform that gives back to the Black community by providing accessibility to the collectible sneaker space — leading them to build wealth off of being the pioneers of the culture — as previously reported by AfroTech. Now, the social investing platform is creating even more room for sneaker enthusiasts to lock down wins in the market. On April 5, Rares announced the addition of secondary market trading, according to a press release shared with AfroTech. “Secondary trading has always been part of the product roadmap for Rares,” Sapp told AfroTech. “We want to provide use rs an opportunity to trade shares after sneakers IPOs are sold out, increasing the liquidity of the asset. Every day, sneakers continue to appreciate in value year...

Ngozi Nwanji

Apr 5, 2022

Gerome Sapp's Sneaker Investment App Rares Secures $4M In Seed Funding Round

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...

Ngozi Nwanji

Oct 19, 2021