Berlin-based non-fungible token (NFT) platform Timeless has raised €12m in a recent funding round, a report by Finance Forward has revealed.
The round was led by EQT Ventures (formerly Eventures), which reportedly invested €9m. Existing investors including C3 (FinLab EOS VC Fund), La Roca, and Porsche Ventures also participated.
The Timeless app can be used to trade rare trainers, expensive watches, vintage cars or wines. Small investors can buy a small portion of the valuables from €50.
Timeless wants to make it possible to enter a new asset class that was previously available only to wealthy investors. A small part of a sneaker can be purchased on the blockchain, for example.
The latest funding will fuel the growth of the startup, expand its team, and allow it to buy new valuables.
According to Finsmes, the platform already has 75,000 users with 62 assets sold so far, including: Porsche 911-993 Targa, Banksy artwork, Michael Schumacher helmets and Jordan Collection shoes.
A report by EU Startups revealed that the company’s ambition is to transform asset investment to being more about acquiring ownership of a piece of history and culture.
Jan Karnath, CEO and co-founder of Timeless, said, “We’ve seen a recent boom of physical and digital collectables, whereby most investors can’t participate due to limited access, expertise and capital — leaving attractive treasures only accessible to the elite, closed to the average consumer.
“But that’s about to change. Timeless is for investors interested in rare collectables, ranging from watches and shoes to classic cars and art. It is our mission to provide smaller investors the opportunity to attain such assets through tokenisation and fractional ownerships”
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