The Chernin Group along with Mark Cuban, sports greats Kevin Durant, Dwyane Wade, and Deshaun Watson, Bill Simmons and others have invested about $40 million of growth financing in Goldin Auctions, a leading marketplace for collectibles and trading cards. Chernin’s investment arm TCG led the round.
Investor and Shark Tank celeb Cuban owns the Dallas Mavericks. Simmons is the CEO of sports and culture website The Ringer. Anthony Pompliano, founder of hedge fund Morgan Creek Digital, is also an investor.
Ross Hoffman, a former top exec at Twitter, YouTube and meditation app Headspace, is joining Goldin as CEO overseeing day-to-day operations as founder Ken Goldin segues to the chairman role.
Runnemede, N.J.-based Goldin Auctions said it will use the funding to invest in technology, operations and audience development and to enhance the experience for buyers and sellers on its platform. The investment comes amid record growth for the company and the collectibles industry, a market it said is valued at more than $10 billion in annual transactions.
Chernin Entertainment’s Peter Chernin, Jesse Jacobs, and Mike Kerns created TCG in 2019 to invest in consumer businesses, media, commerce and tech. It’s had positions in Crunchyroll, Headspace, MeatEater, Exploding Kittens, Food52, The Action Network, and Barstool Sports.
“At TCG, we focus on identifying high-growth sectors and then investing in the best businesses that we believe will define the category. We noticed the explosive interest in the collectibles industry and we went very deep looking for the best companies and executives — Goldin Auctions very quickly stood out as the leader in the space,” said Jacobs. “We are investing in Ken’s vision, credibility and experience as well as Ross’s leadership.”