Company bidding to make everything in the world a tradable asset.
- Latest investment round let by venture capital firm Accel
- Rally also secures US$50m debt facility from Upper90 Capital to acquire more assets
- Sports memorabilia offering includes Kobe Bryant game-worn shoes gifted to Lebron James
Collectibles trading app Rally has raised US$30 million in a Series B funding round as it looks to expand its product offering into new categories such as intellectual property (IP), royalties and real estate.
The round was led by venture capital firm Accel, which was joined by existing investors including Upfront Ventures and Social Leverage.
Since launching with collector cars in 2017, Rally’s alternative assets now extend to 15 categories, ten of which were added in the last year alone. Rally’s secondary trading platform saw marked growth in the first quarter, with volume up 450 per cent year-on-year.
Rally, which plans to be the go-to platform for investing in and trading alternative assets, has also secured a US$50 million debt facility from Upper90 Capital to allow the company to ‘efficiently offer one-of-a-kind assets across all categories’.
Announcing the funding round, Rally said it is doubling down on collectibles by adding one-of-one digital assets such as non-fungible tokens (NFTs). It will also introduce a new trading experience with real-time trading of all assets on Rally, which will arrive later this year.
Sports memorabilia is a significant part of Rally’s business and one of its upcoming offerings includes a pair of game-worn shoes gifted to LeBron James by fellow National Basketball Association (NBA) great Kobe Bryant. The shoes are set to debut on the Rally app on 21st May at a US$10 share price.
Other impending Rally offerings vary from a US$2 million Broadside copy of the Declaration of Independence printed in July 1776 for US$25 per share and a lunar meteorite listed at US$350,000.
“Our mission remains unchanged,” said George Leimer, Rally’s chief executive. “If it’s a rare asset for which people have passion, they should be able to own a piece of it and participate in its appreciation. We’re unlocking value for asset owners and providing new access to rare items for passionate fans from all walks of life.
“Our partnership with Accel and new capital will allow us to reach more investors, offer more assets, and expand our trading experience as we build on our lead in fractional investing.”
Ryan Sweeney, partner at Accel, added: “Rally is a true pioneer. The company has created and scaled an entire industry, unlocking a market for retail investors to access blue-chip collectibles, regardless of socioeconomic status. We’re thrilled to support Rally as they drive towards their goal of making everything in the world a tradable asset.”