Seattle Seahawks running back Marshawn Lynch is part of the latest round of investments for Chronicled, Inc. The San Francisco based company has raised $1.4 million from investment firm Colbeck along with Lynch, Mandra Capital, Pantera Capital, Social Starts, other angel investors, and Chronicled's four co-founders.
"We are delighted to be joined by investors with deep expertise in social platforms, cryptography, and the burgeoning Internet of Things, as well as pop culture, art, sports, and fashion,” said Ryan Orr, the company’s founder and CEO.
Chronicled partnered with Identiv to develop encrypted microchips which allows small wearable sensors - called Smart Labels - to be attached to shoes. Using an open registry and various applications to track authenticity, ownership, and provenance, the company helps eliminate the sale of imitation sneakers.
“Our technology lets consumers know if their products are authentic at the tap of a mobile phone,” said Sam Radocchia, Chronicled co-founder and CPO. “It also provides brands and retailers with a new platform to engage with the consumer beyond the point of sale and to issue limited edition products.”
The "secondary market" for high-end collectible sneakers accounts for nearly $1 billion of the estimated $1 trillion in annual transactions for luxury consumer goods. Air Jordan 1, Air Jordan 3, Air Jordan 11, Doernbecher special editions, and the Nike Air Yeezy are the sneaker models with the highest number of fakes on the market.
“The secondary market for luxury goods and collectibles is flooded with fakes, resulting in illiquidity and daunting consumer risk,” said Dan Morehead, CEO of Pantera Capital. “Chronicled's technology has the potential to make the market safe and efficient, while giving users a better experience. Luxury goods provenance represents a multi-billion dollar sector where blockchain technology can add unprecedented value.”
Chronicled, Inc. was founded in September 2014. The company plans to launch its platform near the end of 2015 with more than 15,000 pairs of sneakers secured. For more information visit www.chronicled.com.
PHOTO: Seattle Seahawks