Dibbs, a real-time fractional sports card marketplace, recently announced a $13 million round of funding.
Dibbs, an online marketplace where sports card collectors can invest in expensive memorabilia, has closed its Series A investment round, raising $13 million in the process. The startup, which bills itself as “the first real-time fractional sports card marketplace,” just completed beta testing and made its platform available to all iOS, Android, and online users in the United States.
Foundry Group led the investment, which included Courtside Ventures, Founder Collective, and Tusk Venture Partners. Kris Bryand of the MLB, Skylar Diggins-Smith of the WNBA, DeAndre Hopkins of the NFL, and Chris Paul of the NBA were among the elite players who took part in the funding round.
Dibbs successfully raised $2.8 million in early funding in March 2021 to expand its reach and activities outside of the United States. A portion of the profits was also used to add other sports and cards. JDS Sports and Rounder Collective also invested in the initial round of fundraising, which was led by Courtside Ventures.
NFT allows for fractional ownership of collectibles.
“Our objective is to empower all fans to connect, collect, and capitalize on the real-time action inherent in sports,” Dibss states in a news statement. Traditional collectibles are more accessible because of the Dibbs platform, which pushes them to the forefront of fandom.”
Users of the program can share ownership of valuable sports cards with other Dibbs users in the United States, which is how it works. Non-fungible tokens (NFT) are assigned to real-world sports cards, allowing them to be broken down into many distinct pieces and sold on the blockchain. The platform has been a huge hit so far. During an invite-only beta test, Dibbs executed over 100,000 trades worth over $2 million.
“Through Dibbs, holding digital interests in actual treasures such as sports cards is now a reality,” says Dibbs Founder and CEO Evan Vandenberg, summarizing the company’s aim. Consumers are becoming accustomed to defining ownership beyond the physical as technology continues to upset old banking systems.”
With this latest round of fundraising, Dibbs now has a total of $15.8 million in the bank.