collectID Raises $3.5M Seed Funding Led by SeventySix Capital
Patented technology connects physical and digital worlds
St. Gallen/Zürich, SWITZERLAND | February 24, 2022 – collectID, which is reimagining the customer experience by creating a gateway for physical products to the metaverse, has raised a $3.5 million seed funding round led by SeventySix Capital and Hellen’s Rock. collectID is working with top international sports teams like the Nashville Predators (NHL), Atlético Mineiro (reigning Brazilian soccer champions), Bayer Leverkusen and VfB Stuttgart (German Bundesliga) as well as leading luxury brands like Maison Mollerus.
collectID’s patented technology combines encrypted, smartphone-ready NFC tags with secure NFTs so customers can check the authenticity of a product with a simple smartphone tap, register ownership via the collectID app, safely resell their products, and enter the digital dimension of the brand. For the first time in history, brands and sports teams are able to earn money from secondary trading and receive detailed data and analytics about the owners of their products. Due to the immutability of the blockchain, the collectID ecosystem is tamper-proof and removes the financial incentives and scalability of selling counterfeit products. Video of how collectID works
“collectID’s technology will transform the global sports and luxury goods industry and secondary markets,“ collectID’s CEO and co-founder David Geisser commented. “The funding we’ve received will enable us to scale collectID’s SaaS solution and accelerate our growth with an initial focus on Europe and North America.”
The investment round was led by SeventySix Capital, a sports-focused venture capital company that invests in game-changing companies that are bringing streaming, augmented/virtual reality, NFTs, blockchain, Web3, metaverse and other disruptive technologies to the sports industry, and by Hellen’s Rock, the investment team of serial entrepreneur and Superbet founder, Sacha Dragic. Additional funding came from Sygnum, SBI Group as well as several other strategic investors.
“We are confident that new technologies such as blockchain, NFTs, and crypto will have an outsized impact on the sports industry,” stated Chad Stender, Partner at SeventySix Capital. “collectID’s technology creates an essential bridge between physical products and the digital world for sports teams and brands. collectID will also collaborate with our other portfolio companies to reimagine the consumer experience across sports.”
About collectID
collectID creates a gateway for physical products to the metaverse through a combination of blockchain and NFC technology to provide a unique and secure identity for each product. Customers are able to use collectID equipped products in the metaverse, while brands can now place content directly on their products and transform them into a communication and sales channel. collectID works with top international sports teams like the Nashville Predators (NHL), Atlético Mineiro (reigning Brazilian soccer champions), Bayer Leverkusen and VfB Stuttgart (German Bundesliga) as well as leading luxury brands like Maison Mollerus.
About SeventySix Capital
SeventySix Capital is a sports-focused venture capital company that has been building sports technology companies for over two decades and leverages that experience through its Sports Advisory consulting group. SeventySix Capital also has its Athlete Venture Group, which allows current and former players to invest, learn, and work directly with top sports startups and entrepreneurs.