Timeless, targeting a total disruption of the luxury assets market, raised 12 million euros in order to finance its platform. Through its innovative platform, the German Startup will allow all users to acquire shares in a wide range of luxury assets, which until recently were only accessible to a few wealthy investors. Ultimate goal of the startup based in Berlin, is to make investments possible for everyone, “democratizing” a market traditionally controlled by the “few”.
In particular, through Timeless, users will be able to purchase shares in a variety of luxury items (works of art, watches, antique cars, souvenirs, etc.) at a price that reaches up to 50 euros. Before they become available to users, Timeless buys these luxury items, fractionates them and makes them available through the blockchain, using tokens.
More than 75,000 users are currently registered on the platform, while many collectibles are sold in just a few minutes. Through Timeless users can buy from paintings to collectible shoes and jerseys of famous athletes.
EQT Ventures, as well as a group of investors consisting of C3 EOS VC, La Roca Capital and Porsche Ventures participated in the funding. The funding will be used to meet the demand by offering a wider range of products on the platform. At the same time, the Berlin Startup platform will operate as a secondary marketplace.
“We have seen a rapid rise in investor interest in high-value collectibles, both tangible and digital. However, most of them cannot acquire them either because of limited access, lack of know-how or small available capital. As a result, real treasures are concentrated exclusively in the hands of the elite, excluding the average consumer.But that will change. Timeless is aimed at investors interested in rare collectibles, ranging from watches and shoes to antique cars and works of art. Our goal is to give the opportunity to small investors to acquire such assets through the so-called fractional ownership.”, stated Jan Karnath, CEO and co-founder of Timeless.