Rally Rd., an app for investing in luxury and classic cars, has secured $7 million in Series A investment funding. The round was led up Upfront Ventures with participation from Anthemic Group, Social Leverage, Jeffrey Katzenberg and Anthony Saleh’s WndrCo, Nas, Eli Broverman and Jeff Cruttenden.
The New York-based start-up’s platform allows people to buy shares in Ferraris, Porsches, Lamborghinis and other classic cars for as little as $50 per share. Launched in 2016, the company claims to have 50,000 members that have invested millions.
The funding will reportedly allow the business to expand into retail showrooms, beginning with site in New York before moving on to other US markets like Los Angeles, Houston and Miami.
Christopher Bruno, co-founder and CEO, said:
“If you want to invest in the best blue-chip collectibles — like art and classic cars — you need to travel the world to attend exclusive auctions, and you need very deep pockets. These events are not accessible to or top-of-mind for most Americans.
“We’re building showrooms in large markets where everyone can go and actually see the collectibles they love and then directly invest in them through our platform.”
According to TechCrunch, Rally Rd.’s app will have 100 available cars by the end of 2019, up from just 10 currently.