RTFKT, an innovative brand that utilizes next generation technology, including blockchain authentication, NFT, gaming engines and augmented reality to create unique sneakers and digital artefacts, is being acquired by NIKE.
Earlier this year, C Ventures, a venture capital company co-founded by Adrian Cheng, significantly backed RTFKT in a seed funding round, which totaled US$8 million.
The new capital helped RTFKT to broaden its team of creators and artists, develop new NFT collections (most recently the CloneX avatar project) and grow its overall talent pool.
Cheng has been supporting and incubating start-up companies, through both his C Ventures company and personal investment portfolio, which spans technology, healthcare and consumer sectors.
“I’m proud to see RTFKT’s long-term potential recognised with this acquisition,” said Adrian Cheng. “Early on, I saw something very special in RTFKT and we share the same vision of using technology as a way to transform how we approach creativity and innovation. My commitment to developing the metaverse is strong and I am excited to continue on this journey with RTFKT.”
C Ventures’ investment in RTFKT is strategically aligned with the venture capital company’s focus on disruptive businesses in technology, lifestyle and media and its core mission to curate a global ecosystem targeting Millennials and Generation Z.
The investment in RTFKT earlier this year followed C Ventures’ participation in a $100 million funding round for Singapore-based company Matrixport, one of Asia’s fastest growing digital asset financial services platforms, in August 2021.
Cheng also recently made a personal investment in The Sandbox, in which he will develop his land to showcase a range of successful Greater Bay Area (GBA) start-ups that he has supported and funded.
C Ventures is a venture capital company founded by Adrian Cheng bridging West and East, curating a global ecosystem targeting Millennials and Generation Z, with a focus on disruptive businesses in technology and consumer.
Other recent investments by C Ventures, include RTFKT Studios, well known for its NFT sneakers; FITURE, a leading household fitness equipment which offers customized fitness programs based on real-time data; and Lalamove, China’s No.1 on-demand and same-day delivery platform.