Art marketplace Artfinder raises £443,000 through crowdfunding

Online artwork marketplace Artfinder efficiently raised £443,000 through its second Crowdcube marketing campaign, from 590 traders, together with new funding from lead investor, enterprise capital agency, Wellington Partners.

Investors within the crowdfunding spherical will obtain fairness within the enterprise, at a valuation of £17.5 million, up from £11m (post-money) in 2020.

Artfinder has seen 140% gross sales development since pre-pandemic 2019, as the net artwork market booms. The world on-line artwork market virtually tripled in measurement to $13.5bn in 2021, in keeping with the Hiscox Online Art Trade Report. The report additionally states that 84% of artwork trade gamers now consider the digital shift within the artwork market will change into everlasting, up from 51% in 2020. The marketing campaign additionally shone a lightweight on the B Corp group, as B Corp big Finisterre efficiently raised on the similar time.

Money raised shall be used to speed up expertise transition, enhance checkout expertise and introduce responsibility and tax calculation and transport and logistical help for artists, resulting in a greater supply expertise for purchasers, which is especially necessary publish Brexit. Around 60% of month-to-month shipments on Artfinder are worldwide. Lead investor, VC agency Wellington Partners, have invested over £5m in Artfinder so far.

Michal Szczesny, Artfinder CEO, says: “We’re delighted to have reached 126% of our crowdfunding goal in such a challenging macroeconomic environment, and that’s testament to the belief that our customer and artist community have in Artfinder’s mission to make art affordable, accessible and a viable career for artists. We look forward to tackling big challenges this year including delivery and tax calculation.”

Artist picture courtesy of Diana Rosa