Alt Raises $75M in First-Ever Community-Led round
November 11, 2021
Today, we’re excited to share that we’ve raised a $75 million Series B in the industry’s first-ever community-led round. Now more than ever, founders are raising money directly from their communities who have supported them along the way. For this round, we intentionally raised money from thought leaders at the intersection of culture, community, and capital.
AngelList Co-Founder Naval Ravikant and Accomplice Co-Founder Jeff Fagnan ignited the round via Spearhead, a program that gives seasoned founders a first fund to angel invest, and who believe that the best investments come from founders directly. Alexis Ohanian’s fund Seven Seven Six also participated.
In addition, we welcomed a set of founders and operator-led funds: Vibe Capital, Breyer Capital, Shrug Capital, Apollo Group, Hyperguap, A*, Packy McCormick, Todd Goldberg and Rahul Vohra, and Julian Shapiro.
Professional athletes Tom Brady, Candace Parker, Giannis Antetokounmpo, Alex Morgan, and Marlon Humphrey join our existing investors Kevin Durant, Larry Fitzgerald, and Kelvin Beachum.
Leore Avidar, our founder and CEO, shares “As pioneers in the alternative asset space we wanted to do something innovative with our own cap table that felt authentic to what we’re building. We’re really excited to partner with some of the industry’s best operators and globally-recognized athletes, to make Alt the destination where culture and finance connect.”
At Alt, we’re envisioning a world where anything is an investable asset. We’re reimagining liquidity and banking products to support the next generation of investors. Using trading cards, we’re establishing a proof of concept to create financial products that traditional financial institutions don’t support or recognize as collateral. Over the next few years, we plan to roll out to other asset classes to support everything from trading cards, watches, NFTs and even LP interests. Today, you can transact securely on our Exchange and see how much your portfolio is worth with our real-time valuation model, Alt Value.
Since launching earlier this year, we’ve been so energized by the adoption of our first asset class on the platform, trading cards. Customers have added over $200 million of assets to their portfolios, $70 million of assets are custodied in our physical Vault, and the Exchange has experienced 30% MoM growth in GMV. In September, we launched Liquid Auctions, providing instant liquidity and asset transfer for hundreds of curated assets at auction.
This momentum, coupled with new capital, sets us up to create the bridge between the physical world of alternative assets, and a digital platform where you can custody, transact, and monetize assets.
“We define alternative assets as any asset that a traditional bank does not consider real collateral. Where the banks stop, Alt starts. We want to be the financial platform for the next generation of assets,” said Nicole Colombo, our President.
As innovators in the investing world, we want to be equally forward-thinking when it comes to building our foundation. We’re an early adopter of Web3 and we’re building our core infrastructure with blockchain so we can move with agility.
Later this month, Alt will be available on the App Store and Play Store, so you can track the value of your cards, share your collection, discover other cards, and transact in an engaging and smooth mobile experience.
We can’t wait to welcome more people to Alt as investing in alternative assets becomes a bigger part of our culture.