Rally, a platform that allows retail investors to invest in collectible assets, has lined up $ 30 million in Series B funding.
This financial boost is being led by Accel with the participation of existing investors Upfront Ventures, Social Leverage and others. In addition, Rally squared a $ 50 million credit facility from Upper90 Capital so the company could quickly offer unique assets across all categories.
Rally Founder Rob Petrozzo said: âWe have always focused on the assets that matter most to our investors and those that are also of the greatest cultural significance. Our goal has always been to find the assets with the most interesting stories and especially those that will continue to write new stories and remain relevant in the future. “
The new funding will allow him to expand into new categories, add to his team and integrate tangible and intangible assets “that are most relevant”. he said. Citing the changing landscape as evidenced by the keen interest in NFTs and the designer economy, Petrozzo said the company “will be able to prioritize access to these businesses.”
Trying to democratize investing for rare finds, Rally uses Reg A + offers, which allow people to spend as little as $ 1 per share to own a collectible. On the deck are items such as sneakers worn by the game which were gifted to LeBron James by Kobe Bryant. The sneakers, which will go live on May 21, will be offered at $ 10 per share with a market cap of $ 180,000. Rally will also offer a $ 2 million Broadside copy of the Declaration of Independence printed in 1776 for $ 25 a share.
Last fall, Rally donated a pair of prototype 1972 Nike Moon shoes, which are said to be one of 12 rare pairs of shoes. Petrozzo said, âWe’ve always looked at fashion and vintage fashion in particular as something that’s a really important part of this platform,â adding that legacy-type finds from iconic brands like HermÃ¨s and Nike will be aimed at the market. Rally.
To try and get investors to come back, Rally has over 300 assets available to trade or coming soon to the platform.
For its debut in 2017, the company started out in vintage cars, but has since expanded to 15 categories. With all those potential investors and bored big players shutting themselves in for much of the past year, Rally introduced 10 of its new categories last year. Political memorabilia, dinosaur fossils, and space-related collectibles like NASA items were among the new additions. Two full skeletons were also released and were well received, Petrozzo said.
Regarding intangible assets, the founder said that users have made it very clear what they want to see on the platform – music rights and domain names being part of their requests. Five to 10 new asset classes will be added over the next few months.
With its new injection of funds, Rally plans to enter new categories including intellectual property, royalties, real estate and others. Not about to miss the bubbling interest in NFTs, the platform will offer them as well.
As reported, Bitski, a buying platform for NFTs, raised $ 19 million in Series A funding earlier this month.
Later this year, real-time trading will be offered on Rally. The company plans to reopen its New York site at 250 Lafayette Street, possibly this summer for in-person experiences. Further outposts are being considered in areas like South Florida, where the Rally has a strong user base. Other sites in the United States are also being considered, as well as sites potentially via partnerships or pop-ups. In its downtown Manhattan location, Rally plans to expand to add a clubhouse and other features.
Rally app users can also find items in his store, including a Roy Lichtenstein-inspired hoodie for $ 185 and a Rally crew-neck sweatshirt for $ 95.