Key Takeaways
- • Serena Ventures, the venture capital firm of Serena Williams, led a $3 million seed funding round for Trace, a fashion technology startup, according to WWD.
- • Shakti VC participated in the round, which supports the newly launched Trace marketplace's push to make fashion purchases more affordable through shared ownership and resale, per AfroTech.
- • Trace, co-founded by Harvard Business School graduates Katie Pfleger and Ella Rubin, lets shoppers list clothing for resale or rental before buying, using AI to generate listings from product links.
- • 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 commission on resales but a 15% commission on rentals.
- • Williams said Serena Ventures backed Trace for its market potential, business model, and founding team, adding to a growing portfolio spanning technology, healthcare, and consumer industries.
Summary
Serena Ventures, the venture capital firm founded by tennis champion Serena Williams, led a $3 million seed funding round for Trace, a fashion technology startup that enables consumers to arrange clothing rentals and resales before making purchases, according to WWD. Shakti VC also participated in the round, which AfroTech reported will support the newly launched marketplace's efforts to make fashion purchases more affordable through shared ownership and resale opportunities.
Trace was founded by Harvard Business School graduates Katie Pfleger and Ella Rubin. Pfleger previously worked at Etsy, and Rubin helped launch Walmart's online grocery business. The platform allows shoppers to list clothing and accessories for potential resale or rental before buying them, connecting consumers interested in the same items so that the original buyer can offset the purchase price. Shoppers can paste a product link into the app, where artificial intelligence automatically generates a listing from the item's details. Other users can then express interest in renting or purchasing at an agreed price and date, which the company positions as a way to reduce ownership costs and to gauge demand before a purchase is committed.
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 a 15% commission on rentals. Williams told the outlet that Serena Ventures backed Trace because of its market potential, business model, and founding team, stating that "Trace is transforming the way people shop."
The investment adds to Williams' expanding venture portfolio. Through Serena Ventures, the 23-time Grand Slam singles champion has backed businesses across technology, healthcare, and consumer industries, including companies founded by entrepreneurs from historically underrepresented communities.
Trace was founded by Harvard Business School graduates Katie Pfleger and Ella Rubin. Pfleger previously worked at Etsy, and Rubin helped launch Walmart's online grocery business. The platform allows shoppers to list clothing and accessories for potential resale or rental before buying them, connecting consumers interested in the same items so that the original buyer can offset the purchase price. Shoppers can paste a product link into the app, where artificial intelligence automatically generates a listing from the item's details. Other users can then express interest in renting or purchasing at an agreed price and date, which the company positions as a way to reduce ownership costs and to gauge demand before a purchase is committed.
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 a 15% commission on rentals. Williams told the outlet that Serena Ventures backed Trace because of its market potential, business model, and founding team, stating that "Trace is transforming the way people shop."
The investment adds to Williams' expanding venture portfolio. Through Serena Ventures, the 23-time Grand Slam singles champion has backed businesses across technology, healthcare, and consumer industries, including companies founded by entrepreneurs from historically underrepresented communities.
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