logo
Philly trading card startup CollX raises $10M Series A, will focus on growing community

Philly trading card startup CollX raises $10M Series A, will focus on growing community

Technical.ly19-02-2025

Philly-based trading card platform CollX raked in millions more dollars last month, once again receiving support from local investors.
CollX raised a $10 million Series A, with plans to use the funding for marketing and platform development efforts, cofounder and CEO Ted Mann told Technical.ly this week. Lead investors Brand Foundry Venture and 114 Ventures returned after contributing to the company's $5.5 million seed round in 2023. Local investor Ben Franklin Technology Partners, along with Next Coast Ventures and FJ labs also contributed to both rounds.
The startup touts its local investor support, despite a lack of specialized, consumer VCs in the region.
'It's largely pouring fuel on the fire,' he said. 'It gives us more ability to accelerate user growth with paid marketing, to accelerate our engineering work and ongoing development.'
CollX did not disclose its valuation.
It's been difficult as an early-stage consumer app to raise money from Philly-area investors because there aren't a lot of institutional investors in the region focused on consumer companies, Mann said.
Fortunately, Haddonfield-based CollX, a former RealLIST startup, built a relationship with Philadelphia-based 114 Ventures which specializes in early-stage companies. The company clicked with the follow-turned-lead investor because one of the firm's founders, Mike Petrakis, has experience building a marketplace platform, he said.
It helps that the consumer focus also gained interest from stakeholders in the sports world, like Howie Roseman, general manager of the Eagles and David Adelman, owner of the 76ers. Most recently, MLB player Bobby Witt Jr. contributed to the funding round.
'We're very fortunate that Witt happens to be already very well known and synonymous with collecting,' Mann said.
Tapping into the niche card-selling market
CollX's app uses AI to scan, identify and price trading cards. The platform also has a marketplace, where users can buy and sell cards.
The company is working on new features for its marketplace, Mann said, including plans to expand the marketplace to include other product types like boxes of cards and complete card sets.
CollX launched in 2021 as a tool to help trading card collectors understand the value of their cards. The platform has a visual search function that scrapes pricing data from other websites to estimate how much cards are worth.
It is also starting to see more high-value cards being sold on the marketplace, signaling that users trust the marketplace to complete those transactions, Mann said.
With the most recent raise, CollX plans to integrate its Card Dealer Pro software more into the app's marketplace, Mann said. CollX acquired Denver-based competitor Card Dealer Pro in 2022, which allows users to scan, inventory and sell cards in bulk on the platform.
'When they list on eBay or other sites, they can now control the listings from Card Dealer Pro. They can cross-list to their own website, on Shopify, or to the collective marketplace,' Mann said. 'We're gonna beef up what we're doing there.'
A community of traders, on app and IRL
Since launching the marketplace in 2023, the process of moving users over there has been slow, Mann said. But now, the momentum is picking up and they have 30,000 active buyers and 20,000 active sellers.
Mann is especially excited to see the platform's community continue to grow. They currently have about 3 million users total, he said.
Those users are taking the community they build into other aspects of card collecting, too. Over the last year, the platform has been used more and more as a tool to expose people to the different aspects of card collecting, like card shows or card opening livestreams, he said.
'We just want to embrace this role as the on-ramp, as the guys that help onboard collectors and show them the ropes,' Mann said. 'Teach them how to buy a … card, how to get it graded, how to build a community, how to meet other collectors and start to forge some relationships.'
Sarah Huffman is a 2022-2024 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Lenfest Institute for Journalism.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

DC weekly roundup: A largely local seed raise; feds overhaul AI safety group; DC's new neighborhood-level open data portal
DC weekly roundup: A largely local seed raise; feds overhaul AI safety group; DC's new neighborhood-level open data portal

Technical.ly

time8 hours ago

  • Technical.ly

DC weekly roundup: A largely local seed raise; feds overhaul AI safety group; DC's new neighborhood-level open data portal

Welcome to the weekly roundup of the latest from DC's tech and entrepreneurship scene. Want this in your inbox? Subscribe for free. This week's newsletter features an exclusive on former DC RealLIST Startup Trustible's $4.6 million seed raise, largely backed by local funders (though you might recognize the ex-Google chief among its angel investors). In addition, Commerce Secretary Howard Lutnick announced some changes for a key AI safety group — including taking 'safety' out of its name. What else should you know this week? Check out the roundup below. • It's been a busy month in the DMV: Virginia Tech is launching an advanced computing institute at its recently opened in Alexandria and government contractor Tyto Athene acquired a fellow Northern Virginia tech company. [ • College Park's IonQ acquired fellow quantum firm Oxford Ionics in a transaction valued at $1.075 billion. [IonQ] • DC launched a portal using its open data that ranks community safety, education, housing and more at a neighborhood level. [Open Data DC] • Climate tech firm Hydrosat is set to launch its second satellite soon, following its first launch last summer. It'll be used to collect data about water supplies, droughts and vegetation health. [Hydrosat/ • Check out the key things you need to know if you are looking to sell your business. [ • Orange County, CA investment firm (hello to my hometown) Leonid Capital Partners is opening an office in DC, specifically in the new tech space known as Station DC. [Washington Biz Journal/ • The district is set to ban cellphones during school hours next school year. Speaking of kids using phones, Virginia Governor Glenn Youngkin recently signed a bill prohibiting cellphones in the state's public schools, and teens under 16 will be limited to one hour of social media use a day. Enforcement protocol remains unclear. [WTOP/Washingtonian] • Montgomery County will grant Reston IT firm Powersolv $9,000 to relocate to Rockville. [MoCoShow] • Cybersecurity issues, hacks and toxic leadership have plagued Prince George's County for years. [WTOP] 🗓️ On the Calendar • On June 11, hear CEO Chris Wink and leaders in Pittsburgh discuss how elected officials and civil servants can improve local operations. [ Details here ] • Learn about the space and defense industries at Seed2Table's next meetup on June 11. [ Details here ] • Collaborate with civic technologists at ​Civic Tech DC 's next project night on June 11. [ Details here ] • District Angels is hosting a graduation for its latest fellowship class and a round of lightning pitches on June 12. [ Details here ] • Do you care about digital equity in DC? Attend the Digital Navigator Summit on June 13 at the MLK Library. [ Details here ] • For introverts and ESL individuals: Learn how to ace your interview at a workshop on June 17 hosted by Women and Gender eXpansive Coders DC. [ Details here ] • Curious about DOD SBIR/STTR program awards? Arlington Economic Development is hosting a workshop all about it on June 17. [ Details here ]

Philly weekly roundup: Gopuff sues Groundswell; Inside Rite Aid's downfall; Vivodyne raises $40M
Philly weekly roundup: Gopuff sues Groundswell; Inside Rite Aid's downfall; Vivodyne raises $40M

Technical.ly

timea day ago

  • Technical.ly

Philly weekly roundup: Gopuff sues Groundswell; Inside Rite Aid's downfall; Vivodyne raises $40M

This week in Philly, Amazon pledges $20 billion to Pennsylvania, local representatives speak out about federal science funding cuts and more. 📰 News Incubator: What else to know • Tolerance Bio is developing a stem cell therapy for children born without a thymus, the small organ in your chest that controls immune tolerance. [ • There are steps you can take to prepare to sell your business way before you actually want to sell it, like creating a company brand built on reputation. [ • Gopuff filed a lawsuit against marketing agency Groundswell for continuing to use customer purchasing data past the expiration of its contracts. [ Biz Journal] • After filing for bankruptcy for a second time, Rite Aid is officially closing its doors. Here is a timeline of the rise and fall of the Scranton-founded drug store chain. [The Inquirer] • Penn spinout Vivodyne raised a $40 million Series A. The funding will go toward opening a new robotics laboratory in San Francisco. [ • Local software engineer Waskar Paulino is launching a community group for underrepresented engineers in Philly called PhilaCon Valley. [LinkedIn] • University College at Temple University is partnering with Ziplines Education to offer online certificate programs for digital marketing, business analytics, product management, Salesforce administration, AI prompting and advanced AI workflows. [Temple University] • Global biopharmaceutical GSK donated $450,000 to the School District of Philadelphia to support STEM education programs. [GSK] • The Wistar Institute opened its new HIV Cure and Viral Diseases Center at 3675 Market Street earlier this month. The 25,000 square foot space will support research for HIV and other viral diseases. [Wistar Institute] • The City of Philadelphia released two impact studies analyzing Philly's nighttime and music economies. The reports found that the nighttime economy creates $26.1 billion in annual economic activity. [City of Philadelphia] 🗓️ On the Calendar • Help out on a Code for Philly project on June 10 at the group's June Hack Night. [ More details ] • Learn about debugging at PhillyJS' next meetup on June 12. [ Register ] • Tech Council of Delaware's Greater Philadelphia Regional Convening is on June 13. [ Register ] • Curious about death tech? Check out Dying to Meet, an end-of-life technology networking event on June 24. [ Register ]

How local governments can back the entrepreneurs building their regions' futures
How local governments can back the entrepreneurs building their regions' futures

Technical.ly

time3 days ago

  • Technical.ly

How local governments can back the entrepreneurs building their regions' futures

Entrepreneurship is increasingly viewed as the most dependable source of broad-based economic gains. Nearly all net new jobs come from new companies and a 1% rise in entrepreneurial activity correlates with a 2% decline in poverty. Post-pandemic growth — led by women, particularly women of color — shows investments in 'inclusive entrepreneurship' worked, but systemic barriers to capital, networks and opportunity still limit would-be founders. A policy 'field guide' recommends redirecting 5% of procurement to firms under five years old, eliminating early registration fees, reforming noncompetes, strengthening libraries as entrepreneurial hubs, designating a clear entrepreneurship leader and elevating existing ecosystem efforts rather than duplicating them. Entrepreneurship can sound like rich people's problems. In certain settings, talking about business starts and business growth all sounds like the cavorting of the well to do. A growing coalition says that's all wrong. 'Entrepreneurship is not just about starting companies,' said Victor Hwang. 'It's about enabling people to solve problems in their communities with innovation and drive.' Hwang refined his bookish charm and pro-entrepreneurship pitch while an executive at the Kansas City-based Kauffman Foundation, which is widely credited for advancing the research and the field of new-business support. This work now gets called ecosystem building, or place-based, entrepreneur-led economic development. Hwang's policy-focused Right to Start nonprofit has just kicked off a national campaign called America the Entrepreneurial, to put entrepreneurs at the center of next year's 250th anniversary of the founding of the United States. Hwang is also among my co-hosts of Builders Live, a monthly podcast on ecosystem building. Ahead of the Global Entrepreneurship Congress, in our most recent episode, alongside investor Brian Brackeen, we checked in on the most surefire policies Right to Start recommends for state and local officials. Entrepreneurship is not a distraction from well-rounded and inclusive economic policy. It's increasingly recognized as the most dependable source of gains, including the following: Nearly all net new jobs come from new companies Every 1% increase in entrepreneurial activity in a county correlates with a 2% decline in poverty — and average household income increased by $500 41% of Americans say they'd launch a business if they could, but just 2% actually do One key input of economic mobility is access to information about the programs and resources (a role we at Technically play) Investments into what has been called 'inclusive entrepreneurship' in the 2000s and 2010s worked. Entrepreneurship has popped post-pandemic, led by women, especially women of color, but barriers remain. 'The reason I founded Right to Start was to change the narrative and the policies that limit entrepreneurship in this country,' Hwang said. A checklist for policymakers to support entrepreneurship Though more is to come, his Right to Start launched ' field guides ' for policymakers, at the local, state and federal levels. A few of their most common recommendations, mixed with a couple from own reporting: 5% to start: 'Dedicate a small percentage of current funding to new entrepreneurs and young businesses, and track the impact…Redirect 5% of government procurement dollars to businesses under 5 years old.' Identify an entrepreneurship leader: This could be an existing lead (like a commerce director), provided they truly prioritize entrepreneurship. Zero barriers to launch: ' Reduce or eliminate registration costs and fees for new businesses in their critical early years,' relying financially on more established firms. Separate new business from small, medium and large businesses: They need different things, and it is the 'new' that create the most positive economic outcomes. Easy access: 'Strengthen local libraries as hubs of knowledge and digital tools for entrepreneurs.' Noncompete reform: 'Unleash entrepreneurs who want to create new jobs by freeing them from unfair bans and noncompete restrictions.' Support existing efforts: Most states and regions have existing 'ecosystem building' efforts. Rather than recreate them, elevate and redirect residents there. This mirrors advice we've given mayors in the past. To support entrepreneurship: Remove barriers, invest in workforce, celebrate homegrown solutions and amplify the priority. (We've made more general tech policy recommendations too) Entrepreneurs start alone, but don't grow without help Many of these steps are intentionally modest. Hwang, though, has a far more ambitious plan: for entrepreneurship to be at the very center of all economic policy. Brackeen, managing partner of Lightship Capital, echoed that idea. 'The barriers that exist for entrepreneurs, especially those from underrepresented communities, are systemic, and we need systemic change,' Brackeen said. 'It's not about handouts. It's about access — access to capital, access to networks and access to opportunity.' The best economic policy doesn't pick industries, it supports entrepreneurs. Entrepreneurs don't pick places to start businesses, they pick places to live and then start businesses there. The ' Ecosystem Stack ' prioritizes both lifestyle issues (like housing) and amplifying these successes. This works. According to new analysis, regions with a dedicated news outlet covering startups earn 60% more media coverage and, over a decade, grow their ecosystems twice as fast as similar peers. The takeaway? Entrepreneurs may start alone, but their companies don't grow that way. Policy, platforms and narrative all shape what happens next. 'If we want more startups,' Hwang said, 'we need to fix the system so it doesn't favor big businesses at the expense of new ones.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store