Key Takeaways
- • Serena Ventures, the venture capital firm led by Serena Williams, led a $3 million seed round in Trace, a fashion technology startup, according to WWD.
- • Trace lets consumers arrange clothing rentals and resales before purchasing, using AI to generate listings from a pasted product link.
- • Shakti VC participated in the round, which supports the newly launched marketplace's shared-ownership and resale model.
- • Fee structure per WWD: buyers pay a 10% service fee plus a $3 protection fee; renters pay a 10% service fee plus a $5 to $12 protection fee; sellers pay no resale commission but a 15% rental commission.
Summary
Serena Ventures, the venture capital firm founded by Serena Williams, led a $3 million seed funding round for Trace, a fashion technology startup, according to WWD. The round also included participation from Shakti VC, and the funds support the recently launched marketplace's efforts to make fashion purchases more affordable through shared ownership and resale, according to AfroTech.
Trace's platform differs from traditional resale sites in that it lets shoppers gauge potential demand before committing to a purchase. A user pastes a product link into the app, and artificial intelligence automatically generates a listing from the item's details. Other users can then express interest in renting or buying the item at an agreed price and date, which the company positions as a way to reduce the original shopper's ownership costs.
According to WWD, buyers pay a 10% service fee and a $3 protection fee, while renters pay a 10% service fee and a protection fee of $5 to $12. Sellers pay no commission on resales but pay a 15% commission on rentals. Williams told WWD that Serena Ventures backed Trace because of its market potential, business model, and founding team, saying, "Trace is transforming the way people shop."
The investment extends Williams' growing venture portfolio. Through Serena Ventures, the 23-time Grand Slam singles champion has invested across technology, healthcare, and consumer businesses, including companies founded by entrepreneurs from historically underrepresented communities. Trace's model is designed to help consumers recover part of their purchasing costs while expanding access to clothing through rentals and secondhand sales.
Trace's platform differs from traditional resale sites in that it lets shoppers gauge potential demand before committing to a purchase. A user pastes a product link into the app, and artificial intelligence automatically generates a listing from the item's details. Other users can then express interest in renting or buying the item at an agreed price and date, which the company positions as a way to reduce the original shopper's ownership costs.
According to WWD, buyers pay a 10% service fee and a $3 protection fee, while renters pay a 10% service fee and a protection fee of $5 to $12. Sellers pay no commission on resales but pay a 15% commission on rentals. Williams told WWD that Serena Ventures backed Trace because of its market potential, business model, and founding team, saying, "Trace is transforming the way people shop."
The investment extends Williams' growing venture portfolio. Through Serena Ventures, the 23-time Grand Slam singles champion has invested across technology, healthcare, and consumer businesses, including companies founded by entrepreneurs from historically underrepresented communities. Trace's model is designed to help consumers recover part of their purchasing costs while expanding access to clothing through rentals and secondhand sales.
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