Rally, a New York-based app where users can trade shares of collectible assets, has raised $17 million in new funding.
Rally sources, verifies and acquires collectible items from around the world, then turns those items into “companies” via regulatory qualifications, then splits them into equity shares. Investors in the latest round include Reddit co-founder Alexis Ohanian, Upfront Ventures, Raptor Group, Porsche Ventures and Global Brain.
The app, which launched in 2017 and has almost 200,000 users, says it has $15 million worth of assets in its catalog. For assets that were bought off the platform, the average return for Rally members in the past year was 32%, co-founder Rob Petrozzo told the Wall Street Journal.