Total amount raised
$106 Millions
Latest funding date
11/01/2021
Location
Alt has successfully raised $106 million over two funding rounds, positioning itself as a key player in the alternative assets market. The platform offers a comprehensive suite of services for buying, selling, and managing trading cards, including real-time pricing data and secure storage options.
Keep reading to delve into the details of Alt's funding journey and discover the investors who are backing this innovative platform.
What Is Alt?
Alt, founded by Leore Avidar, is a platform dedicated to increasing the transparency and liquidity of alternative assets, particularly trading cards. Established in the United States, Alt offers a comprehensive suite of services for buying, selling, and managing trading cards, including real-time pricing data and secure storage options.
With a team of 51-200 employees, Alt is actively hiring and rapidly expanding its operations. The company aims to make anything an investable asset, providing tools for card valuation, market trends, and even allowing users to borrow cash against their cards.
Alt's mission is to revolutionize the way people invest in alternative assets, making it easier and more secure for collectors and investors alike. The platform's innovative approach and robust features have positioned it as a key player in the market.
How Much Funding Has Alt Raised?
- Seed Round
- Amount Raised: Not specified separately
- Lead Investors: First Round
- Motivation Behind the Round: To embrace a play in the alternative asset market, particularly sports trading cards.
- Series A Round
- Amount Raised: Not specified separately
- Lead Investors: Alexis Ohanian’s new firm Seven Seven Six
- Motivation Behind the Round: To further develop the platform and expand its reach in the alternative asset market.
- Series B Round
- Amount Raised: $75 million
- Date: November 11, 2021
- Lead Investors: Spearhead
- Valuation at Round: Over $325 million
- Motivation Behind the Round:
- Expand the scope of alternative assets covered by the platform.
- Launch a mobile app for iOS and Android.
- Explore new revenue streams such as offering loans backed by cards stored in Alt's vault.
- Previous Funding Round
- Amount Raised: $31 million
- Date: March 2021
- Motivation Behind the Round: Develop and expand the alternative asset platform primarily used for high-value sports cards.
Total Amount Raised: $106 million. Current Valuation: Over $325 million.
Key Investors
- Spearhead
- Details: Co-created by Jeff Fagnan and Naval Ravikant, Spearhead aims to transform founders into angel investors. The firm provides capital and mentorship to help founders invest in other startups.
- Investment Focus Areas: Technology, startups, early-stage companies
- Notable Investments: Not publicly disclosed
- Seven Seven Six
- Details: Founded by Reddit co-founder Alexis Ohanian, Seven Seven Six is a venture capital firm that focuses on early-stage technology companies. The firm aims to support innovative startups with the potential to make a significant impact.
- Investment Focus Areas: Technology, early-stage companies, innovation
- Notable Investments: Not publicly disclosed
- First Round
- Details: A venture capital firm that focuses on seed-stage investments, First Round has a reputation for backing successful startups. The firm provides not just capital but also extensive support and resources to help founders succeed.
- Investment Focus Areas: Seed-stage startups, technology, various sectors
- Notable Investments: Uber, Square, Warby Parker
- Breyer Capital
- Details: Founded by Jim Breyer, Breyer Capital is a global venture capital and private equity firm. The firm focuses on long-term partnerships with companies that have the potential to transform industries.
- Investment Focus Areas: Technology, media, healthcare
- Notable Investments: Facebook, Etsy, Marvel Entertainment
- SV Angel
- Details: A seed fund that has invested in some of the most successful technology companies, SV Angel is known for its early-stage investments. The firm provides capital and strategic advice to help startups grow.
- Investment Focus Areas: Seed-stage technology companies, internet, software
- Notable Investments: Twitter, Airbnb, Dropbox
What's Next for Alt?
Alt is poised to capitalize on the burgeoning market for alternative assets, with plans to expand into categories like sneakers, watches, and NFTs. The upcoming launch of their mobile app for iOS and Android is expected to attract a broader user base, enhancing the platform's reach and usability. Additionally, offering loans backed by cards stored in their secure vault presents a new revenue stream, further solidifying their market position.
Future fundraising efforts are likely to focus on scaling the platform and entering new asset categories, driven by the significant investor confidence demonstrated in their recent $75 million Series B round. However, Alt will need to navigate challenges such as ensuring the security of their vault, maintaining accurate card valuations, and competing with established platforms in the alternative asset space.
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