Alt Raises $17 Million for Sportscard Investment Fund –

Sports goods platform Alt is seeking an infusion of $16.9 million in new funding to expand its investment fund in sports cards, according to a Securities and Exchange Commission filing. Alt also operates a collectibles exchange and storage business, backed by early venture capital funding from a number of investors including Alexis Ohanian, Kevin Durant and Darren Rovell.

Alt founder Leore Avidar said in an email: “Not only is it the largest sports card/collectible fund, it outperforms the S&P and maintains a low correlation with the S&P 500. It buys assets in the top 1% of the card category and We will provide funding for the next two years.”

Alt secured the first commitment of a new round at the end of July, according to SEC filings posted last week. As a private placement to accredited investors, people deemed wealthy and knowledgeable by the SEC, Alt is not required to publicly disclose any further information. Based solely on SEC disclosures, Alt filed for funding for a video game-focused fund in late July, though the amount was not disclosed.

Alt’s card brokerage and storage business has raised $305 million in venture capital, according to Crunchbase data. This included his $75 million Round B for 2021, which included football stars Alex Morgan, Tom Brady and Giannis Antetokounmpo, one of him on the Alt card. Initial investment of the fund.

“We’ve been doing really well over the last two years with Giannis and Stephen Curry buying the best cards in the championship-winning years,” Abidar said. He did not respond to follow-up requests regarding specific fund performance and holdings information.

The market for sports goods, especially cards, has seen a resurgence due to the pandemic. New records for card ratings seem to be set every few weeks. As investor Nat Turner said, a bear market in high-growth assets in 2022 has led to a downturn in collectible his cards, but Sportico’s JohnWallStreet, prices remain strong. Earlier in the month, a Honus Wagner card sold through Goldin Auctions for $7.25 million. This is the highest amount ever paid for a sports card. The rise in Wagner valuations alone indicates a significant increase in investor demand. Wagner’s card famously topped his $1 million mark for the first time 20 years ago.

With over $40 million in invested capital, the Alt Fund will not only be locked out for valuation once this new funding round is completed.

“These cards are not intended to be vaulted,” Avidar said in an email. “At some point he plans to create a pop-up museum of sorts so that people can see the amazing collection we have amassed. The fund will eventually live on the blockchain (tokenize ), people will be able to buy and sell ownership of the fund.”

Avidar said the feature could be ready as early as early 2024, saying, “We should be seeing more news in the coming months as card prices continue to break records. ‘ added.

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