What is Rares?
Rares operated as a digital platform enabling individuals to invest in fractional ownership of cultural assets, such as art and collectibles. The company aimed to democratize access to high-value assets, allowing a broader audience to participate in the cultural investment landscape. However, the company recently announced its decision to discontinue operations, ceasing support for new investments and initiating the refund process for all existing investments. Balances have been withdrawn or will be treated as unclaimed property, marking the end of its venture in the fintech and alternative asset space.
How much funding has Rares raised?
Rares has raised a total of $4M across 1 funding round:
Angel/Seed
$4M
Angel/Seed (2021): $4M with participation from Gaingels, Cake Ventures, and MaC Venture Capital
Key Investors in Rares
Gaingels
Gaingels is an investment syndicate focused on supporting the LGBTQ community and allies, investing in high-growth companies across various sectors from technology to consumer goods, with a commitment to building inclusive teams.
Cake Ventures
Cake Ventures is a venture capital firm specializing in pre-seed and seed investments, targeting companies that address demographic shifts and the evolving needs of internet users, particularly in areas like aging and women's spending power.
MaC Venture Capital
MaC Venture Capital is a seed-stage venture capital firm that invests in technology startups, leveraging cultural trends and providing hands-on operational support to entrepreneurs building category-defining companies.
What's next for Rares?
Following its operational shutdown and the full refunding of all user investments, Rares is no longer pursuing further growth or strategic initiatives. The company's trajectory has concluded with the return of capital to its users. This outcome signifies a challenging environment for platforms attempting to bridge traditional investment markets with cultural assets, highlighting the complexities of regulatory compliance, asset valuation, and user trust in such innovative ventures. The future for Rares is now focused on winding down operations and managing the final distribution of assets.
See full Rares company page
