The new app allows users to list items they intend to buy to find others interested in renting or purchasing the product from them later.
Key facts
- •Trace was founded by Katie Pfleger, formerly of Etsy, and Ella Rubin, who worked on Walmart’s Online Grocery business.
- •The app allows users to create listings in under 10 seconds using AI to extract product information.
- •Serena Ventures led a $3 million seed round for the company after discovering the platform through a viral TikTok video.
- •The pop-up event in SoHo features brands including Mercer Street, Sirrah Archive, and Mackenzie Belle Jewelry.
- •During beta testing, 32 percent of users listed an item immediately upon signing up for the platform.
Trace, a platform backed by Serena Williams’ venture fund, Serena Ventures, officially launched its app on Thursday. Founded by Harvard Business School graduates Katie Pfleger and Ella Rubin, the app focuses on the “presale” market by allowing users to gauge demand for fashion items before making a purchase.
By the numbers
How the Platform Works
Users create listings by pasting a product link into the app, which uses artificial intelligence to automatically pull item details. Other users can then “call” the item, offering to rent or buy it at a specific price and date. The platform aims to reverse the traditional resale model by identifying future demand for a product before the initial purchase is made.
Business Model and Beta Results
During beta testing, fewer than 300 users listed over 500 items, with 70 percent of “calls” focused on rentals and 30 percent on purchases. The business model charges service fees and protection fees for both buyers and renters, while listers pay no commission on resale items and a 15 percent commission on rentals. Trace recently raised $3 million in a seed funding round led by Serena Ventures, with participation from Shakti VC.
Launch Events
To mark the app's launch, Trace is hosting a pop-up event at the Shopify SoHo location from Friday through Sunday. The event features shoppable edits from eight stylists and includes trunk shows from various women-founded brands, alongside scheduled programming.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by WWD.
