In a significant stride for the trading card app industry, CollX has successfully raised $10 million in Series A funding, marking a pivotal moment in its growth trajectory. This round of financing not only reinforces the confidence investors have in the platform but also welcomes rising baseball star Bobby Witt Jr. into the fold as an investor, advisor, and brand ambassador.
Since its inception three years ago, CollX has seen robust engagement, with its app downloaded over three million times on iOS and Android devices. Designed to enhance the trading card experience, the app allows users to scan, identify, and organize their cards while providing a pricing tool to determine their value. Last year, CollX took a notable step forward by launching a marketplace that has quickly amassed more than 30,000 buyers and 20,000 sellers, with user activity growing at an impressive rate of 25% month-over-month.
The platform’s revenue stream predominantly comes from subscriptions, particularly through its CollX Pro tier, which offers advanced tools for serious collectors, as well as Card Dealer Pro, a resource tailored for card stores and dealers to facilitate bulk scanning, inventory management, and sales.
Reflecting on the app’s growth, CEO and co-founder Ted Mann shared, “CollX started as a fun experiment with my son, helping him scan and value my old card collection, but it’s become so much more. It’s now essentially an on-ramp to the hobby, helping every collector level up.” Mann highlighted that for many users, exploring CollX means digitizing and organizing their collections while also learning the intricacies of trading and making profitable deals.
Bobby Witt Jr. joins an impressive roster of investors, including Collectors CEO Nat Turner, DJ Skee (Scott Keeney), Philadelphia Eagles General Manager Howie Roseman, and David Adelman, owner of the Philadelphia 76ers and founder of Campus Apartments. Known for his robust presence in the card collecting community, Witt has amassed a substantial following on his Instagram account, @bdubs.cards, where he shares his passion for collecting. In a quote, Witt expressed, “I love that there is finally an app to help collectors identify and organize their cards! I’m a lifelong collector and wish I’d had CollX as a kid. The technology is amazing and helps anyone level up in the hobby.”
Mann also emphasized the unique position Witt holds in the collective landscape of card collecting: “While I love all our investors, I’m especially excited to have Bobby Witt Jr. on board. He’s not just an avid collector; he’s one of the most creative and influential thought leaders in this hobby.” Witt’s contributions are noteworthy, from partnerships with major companies like PSA, Topps, and Panini to innovations such as custom slabs for special occasions.
The Series A funding round was co-led by Brand Foundry Ventures, the Austin-based firm that spearheaded CollX’s successful $5.5 million seed round in 2023, alongside Philadelphia’s 114 Ventures. Participation also came from Next Coast Ventures, FJ Labs, and Ben Franklin Technology Partners.
Looking to the future, CollX plans to utilize the new capital to further enhance its marketplace and subscription offerings. The company, headquartered in Philadelphia and guided by co-founders Mann and CTO Kostas Nasis, is keenly focused on expanding its reach within a vibrant hobby space.
“We have a team with deep hobby knowledge, and we’re experienced in growing and scaling consumer apps,” Mann stated confidently. “With 85 million American adults collecting trading cards, we’re just scratching the surface, and we’re excited to bring all of them into the CollX community.”
This innovative blend of sports, technology, and community engagement is sure to make waves, and as we witness the evolution of the trading card market, CollX is poised to lead the way into this dynamic future.
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