Alt, a San Francisco based alternative asset platform, announced on 11th March 2021 that it has raised US $ 31 million in its seed and Series A rounds combined. The round was led by Seven Seven Six along with participation from multitudes of other investors including Addition Ventures, First Round Capital, Thirty Five Ventures, and many angel investors.
Investors: The lead investor Seven Seven Six is a Florida based venture capital firm that was founded by Alexis Ohanian in September 2020. It is, as it claims, a stage agnostic firm focused on people, culture and community.
Alt, according to CEO Leore Avidar, has been working with more than 1000 beta users and will utilize the new round of investments to further support research and development.
About Alt:
Founded in 2020 by Leore Avidar, Alt is a platform dealing in alternative assets. It primarily enables people to buy, sell and store sports cards.
Avidar, who himself was a sports card enthusiast, came up with the idea when he was searching for a rare Kobe Bryant card. Further, when he became a sports card investor, he was concerned by the lack of infrastructure and transparency around the prices, and the possibilities of fraud and high fees in the industry.
Alt seeks to solve such problems faced by sports card enthusiasts and investors. It sells only those cards that are in its possession, in a transparent manner. Further, it even gets the cards approved by credible third-parties like the Professional Sports Authenticator(PSA).
Although Alt is currently focusing on sports cards, CEO Avidar says it can easily expand and tap into other growing alternative asset markets such as music and art.
What the founder and the investors have to say:
“The marketplace for alternative assets is growing exponentially, considering everything from the rising popularity of NFTs to the trading card boom we’ve witnessed in recent months”—Alexis Ohanian, founder of Seven Seven Six.
“I’ve talked with a lot of people in the community and one of the things I love is how intergenerational this is. I see a lot of kids and their parents doing this together”—Leore Avidar, founder and CEO of Alt.
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