StockX in Detroit, an online “stock market of things” for consumer products, today announced the launch of StockX Charity IPOs, a charity initiative aimed at partnering celebrities with nonprofit civic causes. StockX, founded in 2016 by Josh Luber, Greg Schwartz, and Dan Gilbert, is part of the Quicken Loans family of companies.
“After testing three successful charity campaigns which raised almost $700,000 in 2017, we realized StockX is in a unique position to leverage our platform to make a positive impact,” says Luber, CEO and co-founder of StockX. “With the launch of Charity IPOs we can turn one-of-a-kind and highly sought after celebrity products into real dollars that directly help those in need.”
Wu-Tang Clan is the first celebrity group to partner with StockX for a Charity IPO under the codename C.R.E.A.M. (Charity Rules Everyone Around Me). Funds raised will directly benefit the Wu-Tang Foundation, which supports children from marginalized and neglected areas.
“Working with StockX makes perfect sense because they have been doing great work in the celebrity charity space for a while,” says Oliver Grant, co-director of the Wu-Tang Foundation. “A joint venture like this has the potential to positively expand the foundation’s efforts and reach in communities.”
StockX Charity IPOs are designed to raise funds for nonprofit organizations by partnering with celebrities and brands to list rare and exclusive products on the StockX platform. Products will be available across all StockX categories, including sneakers, streetwear, watches, handbags, and more, and will benefit favorite charities of the celebrity and brand partners.
In 2017, StockX hosted three charity initiatives, raising almost $700,000 for six different charities:
- Hurricane Relief, September 2017: StockX partnered with sixteen celebrities, including Pharrell, Mark Wahlberg, LeBron James, Karlie Kloss, Snoop Dogg and Steph Curry to raise nearly $440,000 for charities supporting hurricane victims in both Texas (Greater Houston Community Foundation) and Florida (Team Rubicon).
- Shinola, November 2017: StockX partnered with Detroit-based Shinola on the release of their first-ever mechanical watch to raise $23,000 for The Empowerment Plan, Detroit Children’s Fund, and The Cleveland Metropolitan School District’s Project ACT.
- Eminem, December 2017: StockX partnered with Eminem on the re-release of the Jordan 4 Encore and raised nearly $200,000 to benefit the Marshall Mathers Foundation.
This article originally appeared on Detroit Business.