Do you have a treasure in your house?

WorthPoint is an online resource helping customers value and preserve their antiques, fine arts, and collectibles. WorthPoint’s database contains 715 million prices and 1.3 billion images from eBay and auction houses. With just a subscription, anyone can understand the market value of their possessions.

KingsCrowd spoke with WorthPoint founder Will Seippel to learn about the inspiration for the company bringing clarity to the collectible market.

Note: This interview was conducted over phone and email. It has been lightly edited for clarity and length.

Funding Round Details

WorthPoint logo
Company: WorthPoint
Security Type: Equity - Preferred
Valuation: $45,310,000
Min Investment: $492
Platform: StartEngine
Deadline: Oct 23, 2023
View Deal

In your own words, how would you describe your company?

WorthPoint is the Bloomberg of reporting systems for an asset class encompassing our items in our houses. In many cases, the value of these possessions comes close to or exceeds the actual value of the house. These assets are often forgotten and thrown out during or after our lives. This is where WorthPoint becomes a necessity. WorthPoint’s suite of research and data tools provides market pricing transparency, allowing collectors and resellers to buy and sell more efficiently in a $360 billion marketplace.

What inspired you to take the leap and start this company?

Primarily three events:

1) The advent of my five kids going into elementary school and wondering what to do with all the stuff we had accumulated to that point. eBay was the solution for disposing of the items, but I had no idea what to sell them for and needed a tool to help.

2) My mom was a recent immigrant, and having come from Europe, she thought many of our personal assets were in small items such as coins or jewelry because the currency was constantly changing with transitioning governments. As a result, you had to keep track of asset values going up and down.

3) The fact that a baseball card could previously sell for over $100K, but now they can sell for over $1M.

Who is on your team, and how did you come together?

  • Antoine Lyseight is our CTO and has been with us for over ten years. He started with us as a Grails developer and brings excellent technology and management experience.
  • Alex Rascanu does a lot of analytics and content and has over ten years with the company. He leads a small team in Romania and is an economist.
  • Neal McAtee is our CFO and an investor. I have known Neal professionally for about 30 years.
  • Rachel Sammons is the VP of Marketing and has been with us for several years. She sizzles on the customer experience side and was promoted from within.
  • Eric Bradley, our VP of Editorial Content and PR, was sought out because of his 25-year career in the industry. Eric has written a dozen books on antiques and collectibles and has experience with leading auction houses and reselling.

What is your business model?

Our business model is largely based on recurring subscriptions. We have been lengthening the user subscription; now about 22% of the subscriptions are annual. This number is up from 12% just a few years ago. 

We are increasingly focused on:

  1. Consumer adoption of our Vault. This tool will enable users to archive items as an ongoing course of action and preserve them for:
  • theft protection
  • insurance
  • memories for future generations
  • inheritance
  • natural weather disasters (45% of the US population lives in a FEMA Zone)
  1. The Enterprise Business Customer that needs WorthPoint in multiple workstations in either local or multi-location businesses.

What does the competitive landscape look like, and how do you differentiate?

Generally, players in this space have focused on being part of the marketplace, with their core business being live auction bidding software versus providing pricing data as an independent third party. The former causes a conflict of interest and hurts market transparency.

How do you intend to use the money you raise this round to scale the business?

WorthPoint has three key initiatives over the next six months. These are:

  • Visual Search Recognition—subscribers can snap a photo to identify and value objects within seconds across our database of 1.3 billion images—specially curated for art, antiques, and collectibles.
  • Marketing The Vault: a user-generated digital database to organize valuables, inventory, and collections and track their values over time. This service will help price, sell, and archive items of emotional and historical significance documented through photographs, family histories, and videos. 
  • Finishing and marketing our Indices, starting with the WorthPoint 100 in 2023. These Indices will use our database of more than 742 million realized auction prices to create the industry’s first index-linked investment product that statistically measures price trends.

What do you want potential investors to know about you and/or your company?

A historic transfer of wealth is taking place in America as $84 trillion is projected to be passed on to future generations through 2045. Millions of families will face the same problem: “What is the fair market value of our fine art, heirlooms, and precious objects, and how do we maximize their full value?” WorthPoint solves this problem with its unparalleled product and resources. Our innovations will make it easier for people to identify valuables and where they can be sold. The solution interests customers ranging from auction houses to the IRS.

As you think about the business 5-10 years down the road, what do you see exit opportunities looking like? Have you set any future goals for the company?

Over this time period, I would expect that WorthPoint is either bought by a larger company or becomes a publicly traded company. Our goal is to become the bellwether for emerging financial markets in the personal asset space and legitimize this space as a class of assets. Everyone should know the “WorthScore” of their assets.

We look forward to seeing where Will and his team take the company. WorthPoint is currently raising on StartEngine