A company with an app for investing in luxury cars has just added to its war chest.
Rally Rd., launched in 2016, makes an app that allows investors to buy shares in such luxury cars as Ferraris, Porsches, and Lamborghinis for as little as $50 per share. The New York startup recently raised $7 million from venture capitalists.
According to TechCrunch:
Rally Rd.’s co-founders Chris Bruno and Rob Petrozzo told TechCrunch the crypto boom and bust really put digital asset investing in the mainstream, helping to bolster business that would have seemed pretty odd just a few years ago.
The pair plan to use the investment to open what they call a “live investing ecosystem,” a vehicle showroom where users can go to participate in initial car offerings in-person. The first will be in New York’s SoHo neighborhood, with other locations to follow in Los Angeles, South Florida and possibly Texas, where they have a strong user base.
“We want to create that Apple Store atmosphere where anyone can come in and learn about equity investing on the spot,” said Petrozzo, Rally Rd.’s chief product officer.
The company has an interesting premise for investing. For those who like to collect luxury cars, though, investing in the vehicles is just part of the joy.
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