Rally, a platform that enables retail investors to invest in collectible assets, has lined up $30 million in Series B funding.
That financial boost is being led by Accel with participation from existing investors Upfront Ventures, Social Leverage and others. In addition, Rally has squared away a $50 million debt facility from Upper90 Capital so that the company can expediently offer one-of-a-kind assets across all categories.
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Rally founder Rob Petrozzo said, “We’ve always had a focus on the assets that matter most to our investors and the assets that have the most cultural significance, too. Our goal has always been to find the assets with the most interesting stories and particularly those that will continue to write new stories and remain relevant in the future.”
The new funding will allow for expanding into new categories, adding to its team, and folding in tangible and nontangible assets “that are most relevant.” he said. Citing the changing landscape as indicated by the keen interest in NFTs and the creator economy, Petrozzo said the company “will be able to prioritize access to those firms.”
Trying to democratize investing for rare finds, Rally uses Reg A+ offerings, which allows people to spend as little as $1 per share to own a piece of collectibles. On deck are such items as game-worn sneakers that 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 be offering a $2 million Broadside copy of the Declaration of independence printed in 1776 for $25 a share.
Last fall Rally offered a pair of 1972 Nike prototype Moon shoes that were said to be one of 12 pairs of the rare kicks. Petrozzo said, “We’ve always looked at fashion and vintage fashion in particular as something that is a really important part of this platform,” adding that heirloom-type finds from iconic brands like Hermès and Nike will be bound for Rally.
To try to keep investors coming back, Rally has more than 300 assets either available to trade or coming to the platform soon.
For its debut in 2017, the company started out in collector cars but it has since expanded to 15 categories. With all those would-be investors and bored high-rollers cooped up at home for much of the past year, Rally introduced 10 of its new categories in the last year. Political memorabilia, dinosaur fossils and space-related collectibles like NASA items have been among the new additions. Two complete skeletons were also released and were well-received, Petrozzo said.
Looking ahead to intangible assets, the founder said users have been very vocal about what they want to see on the platform — music rights and domain names being among their requests. Five to 10 new asset classes will be added over the coming months.
With its new infusion of funding, Rally plans to race into new categories including intellectual property, royalties, real estate and others. Not about to miss out on the bubbling interest in NFTs, the platform will be offering those too.
As reported, Bitski, a shopping 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 is looking to reopen its New York location at 250 Lafayette Street possibly this summer for in-person experiences. Further outposts are being considered in areas like southern Florida, where Rally has a strong user base. Other locations in the U.S. are also being considered, as well as ones potentially through partnerships or pop-ups. In its downtown Manhattan location, Rally is considering expanding to add a clubhouse and other features..
Users of the Rally app can also find items in its store including a Roy Lichtenstein-inspired hoodie for $185 and a Rally crew neck sweatshirt for $95.
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