Social investing platform Rares has secured $4 million in seed funding, led by MaC Venture Capital and with participation from Cake Ventures, Portfolia Rising America Funds I and II, Evolution VC, W Fund and Gaingels.
Launched in April 2021, Rares is an alternative asset marketplace for sneakers. The company acquired a Nike Air Yeezy prototype at a Sotheby’s private sale this year for $1.8 million before the investment.
“Access to significant capital has been the achilles heel for many entrepreneurs, especially women and other minorities,” explained Rares cofounder Gerome Sapp. “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.”
Rares will put the funding toward product and inventory expansion and team growth.
“Sneaker culture was born out of the Black community, but today many folks are priced out of the market,” said MaC Venture Capital cofounder and managing general partner Marlon Nichols. “Rares is making participation in the collectible sneaker space once again accessible to everyone, enabling the minorities and individuals who 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.”