CollX, an online trading card marketplace, has secured $10 million in Series A funding, co-led by Austin-based Brand Foundry Ventures and Philadelphia-based 114 Ventures. The round also saw participation from other investors, including Next Coast Ventures, FJ Labs, and Ben Franklin Technology Partners. Notably, Kansas City Royals baseball player Bobby Witt Jr., a card collector himself, joined the round as an investor, advisor, and brand ambassador.

This latest funding brings the total amount raised by CollX to over $15 million across multiple rounds. The startup is capitalizing on the growing collectible cards market in the U.S., which is expected to expand by several billion dollars in the next few years, according to multiple reports.

CollX has witnessed significant growth, with its user base increasing from 600,000 in 2023 to over 3 million currently. The platform offers tools for users to scan and upload their collections, browse collections from other users, and trade cards through its marketplace. The company's CEO, Ted Mann, reported that the app has 400,000 monthly active users, with 30,000 buyers and 20,000 sellers on the platform, experiencing 20% growth month-over-month.

Since its seed round in 2023, CollX has made significant changes to its platform and created new revenue streams. The company refers users to Professional Sports Authenticator's (PSA) card grading services, which evaluates a collectible card's condition and gives it a score. Additionally, CollX partners with live shopping platforms like Whatnot and Fanatics for card trading, and redirects users to trading card manufacturers like Topps to buy box sets. The company takes a commission on these transactions, facilitating transactions between users for a 10% fee.

CollX has also introduced a pro subscription, which costs $10 a month or $100 a year, offering users a $10 credit for the marketplace, unlimited items, print checklist, export collection, set bulk pricing, and a LinkedIn-styled "who viewed my card" feature. The platform also features an AI-powered chatbot, utilizing OpenAI's models, which helps users build their collections, price their cards correctly, and determine if a particular card is worth grading.

The company's Card Dealer Pro offering allows users or shops with large collections to scan and digitally upload their collections rapidly. According to Mann, both the CollX Pro and Card Dealer Pro contribute significantly to the company's revenue, although revenue from marketplace transactions is growing and expected to surpass subscription revenue eventually.

CollX faces competition from high-end trading card platforms like Alt, card scanning apps like Ludex, and sports card marketplaces like ComC. However, Mann believes that his startup stands out due to its wider range of cards and solutions for collectors.

Although CollX is not yet profitable, Mann stated that the company will make a decision by the end of this year about whether to prioritize profitability or accelerate user and marketplace growth.

This Series A funding round will enable CollX to further expand its solutions for scanning and trading cards, solidifying its position in the growing collectible cards market.