Alt Raises $75M to Expand Card Trading Platform

Alt Secures $75 Million Series B to Expand Alternative Asset Platform

Alt, the platform for alternative assets, has recently completed a $75 million Series B funding round. This follows an earlier $31 million raise reported in March.

The company is leveraging this new capital to broaden its offerings and enhance its infrastructure. Key initiatives include the imminent launch of a mobile application and an expansion beyond its initial focus on sports cards.

Expanding Beyond Sports Cards

Initially centered around the trading and secure storage of high-value sports cards, Alt has begun incorporating other collectible card types.

Users can now find listings for first edition Charizards and Yu-Gi-Oh! cards alongside rare cards featuring Kobe Bryant and autographed items from Colin Kaepernick. The long-term vision encompasses a wider range of alternative assets.

“We aim to include items such as sneakers, watches, and NFTs,” explains founder Leore Avidar, positioning sports cards as the initial demonstration of the platform’s capabilities.

Secure Storage and Transaction Process

To list a card on Alt, it must first be professionally graded by PSA, BGS, or SGC. Following grading, the card is transferred to Alt’s secure “Vault.”

This facility, described as “the Fort Knox of cards,” provides light, temperature, and fire protection. Ownership transfer occurs instantly upon purchase, with Alt applying a 1.5% transaction fee.

The majority of purchased cards remain within the Vault, as most buyers view them as investments rather than display items. Currently, over $70 million worth of cards are stored within Alt’s secure facility.

Data-Driven Market Insights

Alt provides users with comprehensive market data. Its trends page showcases popular categories and highlights players whose card values have experienced significant fluctuations.

Individual card listings display historical sales prices and an “Alt value” – an estimated worth derived from the platform’s extensive transaction data.

Team Growth and New Leadership

Alt’s team is rapidly expanding, currently comprising around 60 employees. A significant recent hire is Nicole Colombo, formerly eBay’s General Manager of collectibles and trading cards, who now serves as Alt’s President.

Mobile App Launch Imminent

The company is preparing to release its long-awaited mobile app for iOS and Android devices later this month.

Introducing Alt Lending

Alt is also exploring a new revenue stream through a beta program called “Alt Lending.”

This program offers loans to users, secured by the value of cards stored within Alt’s Vault. Traditional banks often do not recognize collectibles as viable collateral, but Alt’s valuation expertise and secure storage provide a unique lending opportunity.

Valuation and Investors

The Series B round values the company at “over $325 million.” Spearhead led the investment, with participation from Seven Seven Six, Vibe Capital, Breyer Capital, Shrug Capital, Apollo Projects, Hyperguap, A*, and numerous individual investors.

Notable individual investors include prominent athletes such as Tom Brady, Giannis Antetokounmpo, Alex Morgan, Candace Parker, and Marlon Humphrey.