Collectibles Firm Valued at $175 Million, Backed by Jimmy Kimmel
(Bloomberg) -- Rally, a business that lets users buy and sell equity shares in collectible items, is raising funds at a valuation of about $175 million, according to a person familiar with the matter, as alternative assets become increasingly popular investments.
The $15 million funding round for parent RSE Markets Inc. was led by Wheelhouse, a media and investment company backed by late-night television host Jimmy Kimmel. Additional investors include NBA star Kevin Durant’s Thirty Five Ventures, actor John Stamos and the Ringer founder Bill Simmons. It brings Rally’s total funding to more than $65 million.
Rally specializes in high-end collectibles that can be worth millions. Its platform lets users trade shares of those items, starting at about $10, in categories that range from classic cars to historical documents. Listings include a signed piece of hardwood from Kobe Bryant’s farewell game, an Apple I computer signed by Steve Wozniak and a broadside of the Declaration of Independence from 1776.
Rally will use the new capital to hire additional staff, attract more users and expand into categories such as intellectual property, real estate and art, said Chief Executive Officer George Leimer.
“The mission is to make anything that’s rare and collectible into an investable asset,” Leimer said in an interview. “It’s all about access.”
Fractional investments in collectibles is becoming more popular, with demand rising for sports memorabilia and pop-culture goods. Basketball stars Chris Paul and Kevin Love recently invested in Dibbs, a fractional trading card marketplace, and fractional investing platform Collectable is working with media agency Endeavor Group Holdings Inc. and e-commerce giant EBay Inc. on events.
Rally will display some of its marquee items, including a Honus Wagner baseball card worth more than $1 million, at a private event in Los Angeles on Wednesday.
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