Brooklyn Nets star Kevin Durant will take advantage of the booming sports card market by joining in the $1.3 million raise for card marketplace StarStock.
StarStock, described as a “marketplace for sports card hobbyists to buy, sell, and invest in their favorite sports players,” will receive a $1.3 million investment from the Nets forward, as well as Cleveland Cavaliers guard Matthew Dellavedova and FanDuel co-founders Jeremy Levine and A.J. Vaynerchuk.
The company currently has 200,000 cards for sale, all of which are stored in a centralized facility. As such, interested parties can buy or sell rights to the cards instantly without having to deal with shipping. But if users want to get the card immediately, StarStock will mail the purchased cards which are properly secured and insured. The company takes a five percent fee from sellers.
StarStock co-founder and CEO Scott Greenberg shared the inspiration behind their business model:
“I’ve seen the inefficiencies first-hand of the sports trading card market,” he said, per Jacob Feldman of Yahoo Sports. “StarStock aims to create a frictionless market for fans to trade athletes.”
Rich Kleiman, Kevin Durant’s business partner, shared his optimism in their investment in the company amid the resurgence of the sports memorabilia industry.
“As a life-long sports fan, it’s been incredible to watch how tech has changed the way we trade memorabilia and created a revamped culture around trading cards,” Kleiman said, another new SportStock investor and co-founder of the Nets star’s Thirty Five Ventures. “There is an immense opportunity to take sports memorabilia to the masses.”
Last week, a Mike Trout rookie card sold for a historic $3.9 million. In July, a LeBron James rookie card sold for $1.8 million, which was a modern-day record for a basketball card before a Giannis Anetokounmpo rookie card sold for $1.812 million six weeks later.