Rally Rd., a NYC-based tech platform that allows users to invest directly in rare alternative assets, raised $7m in funding.
The round was led by Upfront Ventures with participation from Anthemis Group, Social Leverage, WndrCo, rapper/entrepreneur Nas, Eli Broverman, and Jeff Cruttenden, co-founder of Acorns and SAY.
The company intends to use the funds to build experience features in the app, continue to conduct its analytics driven brick-and-mortar expansion, and grow into other vertices in early 2019, including high-end sports memorabilia and art.
Led by Christopher Bruno, Co-Founder and CEO, and Rob Petrozzo, Co-Founder, Rally Rd. is a platform where high-value assets are securitized, split into shares, then offered as equity investments to users of all income levels.
Each asset on Rally Rd. is made available to investors via an SEC-registered stock offering with a minimum investment of just one share, which typically starts around $50. After the initial offering ends Rally Rd. holds regular trading windows for each asset where users can buy/sell shares in a secondary marketplace, all within the app through registered broker-dealers. In less than a year, the company’s user base has grown to 50,000 members with millions invested among a dozen offerings.
The majority of Rally Rd.’s investors are first-time alternative asset investors with an average age of 26.
The first showroom, being built in New York’s SoHo neighborhood, will display select investments available on the Rally Rd. platform. The company has plans to launch retail showrooms in all key markets where customers are located, with Los Angeles, Houston and Miami following the completion of the New York flagship location.
The company completed the first initial offering for a vehicle in 2017.
The app is available for iPhone or Web (desktop & all mobile platforms).