NY-based Rally, a startup that allows retail investors to invest in collectible assets, raised US$ 30M in Series B funding on 17 May 2021.
Investors: The funding round was led by Accel, with participation from existing investors Upfront Ventures, Social Leverage and others. Rally also secured a US$ 50M debt facility from Upper90 Capital.
Purpose of the funding: The funds will be used by the company to accelerate:
· Expansion into new categories including cash-flow producing assets like intellectual property, royalties, real estate and more.
· Scale its platform and mobile app.
· User acquisition
· Hiring in areas such as technology, digital content creation and compliance.
About Rally
Founded in 2017 by George Leimer, Rally provides a platform where unique, high-value assets are securitized, split into shares, and offered as equity investments to users of all income levels. It started out with collectible cars and has grown into offering more than 300 assets. It offers assets in various categories including sports memorabilia, natural history artefacts, fashion, musical instruments and rare books. Rally users can own a piece of such rare and unique collectibles for as low as US$ 1 per share.
Rally will be adding NFTs and a new trading experience with real-time trading of all assets at the end of this year. It also plans to resume its in-person experiences by re-opening its New York flagship museum as the COVID-19 regulations ease in the US. It will open up to 10 additional locations and retail experiences in major U.S. cities.
Rally has increased its assets under management by four times in the last six months, now up to $30 million. The founder expects that to be US$ 75 million by the end of 2021. Over the past year, Rally’s categories grew from 5 to 15, and the new investors participating increased by 575 percent in that period.
What the CEO has to say: “Our biggest focus is entering new asset classes. We’ve taken the conscious strategy that if we grow the number and diversity of the assets on our platform, the users will come. The collectibles space, regardless of business model, is gigantic and has a lot of heat and light on it right now. As long as the asset is interesting and rare, people will have a passion for it.” — George Leimer, founder of Rally.
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