Collectible car platform Commody has successfully attracted €500,000 investment. The company, which launched last year, has become the first car collecting platform in Europe that enables anyone to become a co-owner of rare collectible and historic cars.
The initial investors include venture capital funds FIRSTPICK and Coinvest Capital, along with five private investors. According to the platform’s founder, financial expert and investor Vilius Oškeliūnas, this funding will support the continued development of the Commody platform functionality and help attract a broader audience of car enthusiasts, with a focus on expansion into Western Europe and Scandinavia. The platform is expected to have over 700,000 users worldwide within five years.
Stepping into an €800 billion market
The global market for collector cars is currently valued at €800 billion, with an annual turnover of €40 billion.
“Collectible cars are more than just vehicles – they are part of history, the art of mechanics and emotions that connect different generations. Commody gives motoring enthusiasts the opportunity to own parts of special cars – cars with stories, character and a place in automobile culture. Just like Spotify changed listening to music, we’re changing collecting – you can have everything, but you don’t need to keep anything at home,” says V. Oškeliūnas.
Traditionally, collectible cars were accessible only to a small, typically very wealthy circle of collectors. But “Commody” is changing that by opening up the collectible car market to a broader community.
“We give every automobile enthusiast the opportunity to become a co-owner of a collectible car starting from just €25 – allowing them to build their dream car collection on their phone, become a part of an exclusive community and enjoy the thrill of collecting experience without any additional worries,” adds V. Oškeliūnas.
Commody leverages NFT technology to allow every collector to become a legal co-owner of a car registered in the national car registry. The cars remain under the care of the primary owner, who is responsible for storage, insurance and maintenance. This allows collectors to enjoy the experience of ownership without any additional responsibilities.
Wide opportunities for investors
Viktorija Trimbel, Head of Coinvest Capital – one of the venture funds – says that the platform developed by the Commody team is versatile and has strong potential for global scalability and adoption.
“As a technological innovator and a car enthusiast, I found the idea of Commody breaking into and democratizing a market full of tradition and elitism through modern NFT technology truly exciting. The team has a proven track record of success in financial markets, and we believe Commody has the right ingredients for exponential growth. That is why the decision was an easy one for our fund’s investment committee. We wish the team every success,” says V. Trimbel.
According to Dmitry Sosunov, partner at FIRSTPICK, the fractionalisation of real-world assets (RWAs) is a rapidly growing trend.
“This innovative model already enables the general public to acquire fractional ownership of real estate, fine art, and now – thanks to Commody – collector cars. We wish the team success in making car collecting accessible to millions of enthusiasts,” says D. Sosunov.
The first platform of its kind in Europe
After registering and creating an account on the platform, users will find a list of collectible cars, each accompanied by a detailed description, photos, documents, ownership history and historical valuation data. Buyers can purchase shares in collectible cars either during the initial sale or later by acquiring them from other users who already hold part of the ownership.
“In the long term, consumers will have the opportunity to benefit from the potential growth in the value of collectible cars – turning this hobby not only into an emotional, but also a possible financial gain,” says V. Oškeliūnas.
In 2024, the first collector car featured on the platform, an exclusive 2003 Porsche 911 Turbo (996), valued at €149,000 was unveiled, attracting strong interest from car enthusiasts eager to become its co-owners. “The investment received by Commody will enable the development of a mechanism for the acquiring shares in collectible cars, ensuring that all those wishing to acquire a part of the car and having reserved shares last year will have the opportunity to do so later this year.
According to V. Oškeliūnas, negotiations are currently underway to acquire exclusive vehicles in order to offer consumers the broadest and most valuable selection possible.