New York Startup Artsy Raises $18.5M In Venture Capital.
Artsy, the high-profiled art selling platform and education website, has recently managed to gain an $18.5 million in venture capital, with being led by Thrive Capital and an assortment of other well known investors.
The startup will be utilizing this recent financing to expand there influence into international waters, such as Europe, where Arts has opened up office in both Berlin and London recently, as well as Asia, where it will open an office within Hong Kong sometime this month. Artsy is also currently hiring in New York, Los Angeles and the previously mention international locations
“The art world is global by nature, and so coverage of important international artists … has been a priority for Artsy from day one,” said president and COO Sebastian Cwilich in a statement. “Now with 70 percent of our gallery partners located outside of the U.S., expanding into Europe and Asia better positions us to serve these markets.”
Arts is a platform that is used for collecting, purchasing, and selling visual art. The sites collection includes up to a total of 125,5000 artworks from over more than 25,000 different artist, though many of said are are not up for sale. Even so, the site has also included an educational mission as well, with many of its posted art works being placed up for art works strictly for “inspiration, study and reference,” according to information from the site. Artsy, has also included their very own Art Genome Project, an effort to map the connections that bind the world’s artists.
Previous investors such as Wendi Murdoch, Peter Theil, fashion designer Dasha Zhukova and art deal Larry Gagosian had returned to participate during this funding round, along with sever institutional investors that joined for the very first time
Artsy has managed to raise over more than $26 million since its first debut back in 2010, according to info found on Crunchbase. Business continues to grow, with 100 galleries a month applying for the right to pay a monthly subscription fee to be able to appear on the platform, according to the company..
“We have a dual mission to expand both education and collecting, and see them as intrinsically linked,” founder and CEO Carter Cleveland said. “All collecting starts with education. And we believe that in time better access to education will lead to more collecting.