CollectID, the provider of product authentication technology to combat counterfeits, has raised CHF 3.2 million in its seed investment round led by Seventy Six Capital and Hellen’s Rock Capital. The capital will accelerate the startup’s growth in Europe and North America.
The St. Gallen-based startup combines encrypted, smartphone-ready NFC (near-field communication) tags with secure, immutable NFTs (non-fungible tokens) on blockchain to guarantee a product’s authenticity 100% and with just a few taps. By creating a digital twin of the products on the blockchain, CollectID enables brands to prove the authenticity of their products at any time, protecting consumers from accidentally buying counterfeit products.
Last year CollectID signed a significant contract with Brazil’s Atlético Mineiro to authenticate over 120’000 football jerseys. The two companies subsequently signed a long term agreement to allow fans to verify the authenticity of the jerseys and register their jerseys on their names and make the jersey a new communication channel with fans. Other sports clubs such as SCL Tigers hockey club, FC Zurich, FC St. Gallen, Young Boys x Sneakerness and ZSC Lions have equipped their merchandise with CollectID technology. Moreover, brands and companies from various industries also use ColledID, for instance, vinID from the wine industry, Sneakerness.Market, Ruirosa and Sonra from the fashion industry.
Building on its growth on success, CollectID has raised capital in a seed investment round led by Seventy Six Capital and Hellen’s Rock Capital. SBI-Sygnum-Azimut DAO Fund also participated in the round. The funds will flow into building CollectID’s presence mainly in Europe and North America and support its ambition of becoming the “leader in linking physical products with the digital world and to bring them into the metaverse”.
(RAN)
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