CollX Secures $10M Funding to Transform Card Collection Marketplace

CollX Secures $10M Funding to Transform Card Collection Marketplace

CollX, a leading online trading card marketplace, has successfully raised $10 million in Series A funding to enhance its innovative platform. This funding round was co-led by Brand Foundry Ventures from Austin and 114 Ventures based in Philadelphia, both of which have been long-time supporters of the company.

Investors Involved in CollX’s Series A Funding

Other notable investors participating in this funding round include:

New Partnerships and Market Growth

CollX has also secured a significant partnership with Bobby Witt Jr., a player from the Kansas City Royals and a passionate card collector. Witt Jr. is joining the company as an investor, advisor, and brand ambassador.

To date, CollX has raised over $15 million across various funding rounds, capitalizing on the booming collectible cards market in the U.S., which is projected to grow by several billion dollars in the coming years.

Key Features of the CollX Platform

With over 3 million users (up from 600,000 in 2023), CollX provides a comprehensive suite of features including:

  • Tools to scan and upload card collections
  • Access to view collections from other users
  • A vibrant marketplace for trading cards

According to CEO Ted Mann, the app currently boasts 400,000 monthly active users, with a marketplace consisting of 30,000 buyers and 20,000 sellers, experiencing a remarkable 20% month-on-month growth.

Innovative Revenue Streams

Since its seed round in 2023, CollX has introduced several changes to its platform and has diversified its revenue streams. Key initiatives include:

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CollX earns a commission of 10% on transactions facilitated through its platform.

Subscription Services and AI Features

CollX has launched a pro subscription service priced at $10 per month or $100 per year. Subscribers receive:

  • A $10 credit for marketplace purchases
  • Unlimited item uploads (instead of 500)
  • Access to print checklists and collection exports
  • Additional features like bulk pricing and a “who viewed my card” tool

Furthermore, the addition of an AI-powered chatbot enables users to inquire about collection building, card pricing, and grading evaluations.

Competition and Future Outlook

CollX faces competition from platforms like Alt, card scanning app Ludex, and sports card marketplace ComC. However, Mann believes that CollX stands out by offering a broader selection of cards and solutions tailored for collectors.

Although the startup is currently not profitable, Mann has indicated that a decision regarding the company’s path toward profitability or accelerated user growth will be made by the end of this year.

For more information about CollX and its services, visit their official website.

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