RTFKT, an innovative brand that utilises 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 leading venture capital company co-founded by Adrian Cheng, significantly backed RTFKT in a seed funding round, which totalled $8 million. C Ventures was one of the top three investors and the largest in Asia. 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 a strong track record of 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. 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, a well-known strategic investor, 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.