Alt operates a platform for trading-card collectors that lets users research, buy and sell high-value cards and store them in a fully insured, climate-controlled Vault. Cards are graded by third parties (PSA/BGS) before being vaulted, which Alt then verifies and adds to a user’s portfolio for display, exchange or lending collateral. The company has launched Alt Advance, a lending product that lets collectors borrow against vaulted collections; loans have been funded at sizes ranging from very small up to mid-single-digit millions. Alt says borrowers can take up to 40% of a portfolio’s value for terms up to 12 months at annual interest rates of roughly 9%–10%, with no prepayment fees. In early testing Alt funded loans from its own balance sheet; to scale the product it closed a $200 million debt line with alternative investment advisory firm Atalaya. Alt is rolling the lending product out state-by-state and is live in about 30 states, expecting the rest by year-end. The company has raised $106 million in venture funding to date, backed by BoxGroup, Spearhead, Alexis Ohanian (via 776) and a number of professional athletes including Tom Brady, Kevin Durant and Candace Parker. Alt provides an online marketplace and custody service where graded sports and trading cards are stored in a climate- and fire-controlled vault and ownership transfers instantly between buyers. Listings include transaction history and an “Alt value” estimate derived from its marketplace data; the company charges a 1.5% fee on each sale. To date users have stored over $70 million worth of cards in Alt’s vault and the team has grown to around 60 employees. Alt has expanded beyond sports cards to other trading-card categories and plans to broaden into other alternative assets such as sneakers, watches and NFTs. The company is preparing to launch iOS and Android mobile apps and recently hired Nicole Colombo, formerly eBay’s GM of collectibles, as president. Alt is also testing a loan product, “Alt Lending,” that offers loans backed by cards stored in its vault. Alt operates a GOAT-like marketplace for physical sports trading cards, authenticating transactions and providing buyers confidence in card provenance. The platform charges a low 1.5% fee on total sales, including processing fees, to undercut competitors and increase liquidity. Alt offers optional climate-controlled vault storage for users who want to protect physical cards from degradation. It also provides an Alt Value rating, a Zestimate-like feature that estimates market value using historic transactions and trending metrics. The team is launching focused on sports trading cards but plans to expand into other alternative assets such as watches, sneakers, and art as the marketplace matures. The company has attracted significant investor interest amid a broader resurgence in collectibles markets.

Total raised

$306M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Jul 2022