Collectable, a Boston-based technology company that brings together historical and real-time pricing data from sports memorabilia auctions, has acquired seed funding to launch a new peer-to-peer marketplace.
Seed-round investors include Evan Mathis, a former Super Bowl champion NFL player and avid collector, Jason Epstein, co-founder of CastleRock REO, and Larry Richmond, founder of AVATAS Payment Solutions and a dealer of high-end sports and historical memorabilia.
Epstein will be joining Richmond and company founder and CEO David Yoken on Collectable’s Board of Directors.
The new marketplace will launch sometime next year, offering collectors the opportunity to sell items from their own collections and buy from others.
“Sports memorabilia is a significant and growing $5.4 billion market in the US,” Yoken stated. “The number one feature our users have consistently requested is the ability to transact through our iOS and Android apps. We are thrilled to make this request a reality.”
Yoken says the concept is being developed to offer a secure trading experience for the sports collector community outside of the currently available platforms. He says the new marketplace will offer “transparent price guidance, comprehensive vetting, and strong protection for both buyers and sellers, all while building a community of like-minded collectors.” Pricing hasn’t been determined but Yoken says the cost to buy and sell will be “among the fairest and most competitive of any other marketplace currently operating.”
The first round of funding will support Collectable’s rapid development and launch of the marketplace, which will eventually include other types of collectibles as well.
“Collectable has been quietly establishing its credibility in the industry,” said Richmond. “With the marketplace launch, the company is positioned to become a fast-growing and scalable transactional platform for the $60 billion global collectables market. Sports memorabilia is just the tip of the iceberg.”
Collectable launched three years ago as a free download, providing users with the ability to view, search and track auctions from their phone or tablet. Users can view current bids, follow links to specific items at auction and create wish lists for notification when a matching item comes up for sale. Earlier this year, the company added a historical price guide containing over two million auction records dating back to the 1990s.