Thursday, September 27, 2018
Upfront, WndrCo Back Rally Rd. For Classic Car Investments
Los Angeles-based Upfront Ventures, along with Jeffrey Katzenberg's investment fund, WndrCo and rapper Nas, are the lead investors in a new startup, Rally Rd., which lets individuals invest in fractional shares of blue chip, classic cars. According to Rally Rd. on Thursday, it raised $7M in a Series A fnding for its site, which lets investors purchase a share in various collectible cars. The funding also included Anthemis Group, Social Leverage, Jeffrey Katzenberg’s & Anthony Saleh's WndrCo, rapper/entrepreneur Nas, Betterment’s Co-Founder Eli Broverman, and Jeff Cruttenden, co-founder of Acorns and SAY. New York-based Rally Co. said it is building a network of showrooms where users can see collectible cars, and lets them invest in fractional shares of ownership of those vehicles--where they can then buy and sell at will in a secondary marketplace. The company said investors can buy a share in those vehicles for as little as $50. Rally Rd. says it already has 50,000 users signed up for the platform, which it says it hopes to expand into high-end sports memorabilia and art.