Online art marketplace Artfinder successfully raised £443,000 through its second Crowdcube campaign, from 590 investors, including new investment from lead investor, venture capital firm, Wellington Partners.
Investors in the crowdfunding round will receive equity in the business, at a valuation of £17.5 million, up from £11m (post-money) in 2020.
Artfinder has seen 140% sales growth since pre-pandemic 2019, as the online art market booms. The global online art market almost tripled in size to $13.5bn in 2021, according to the Hiscox Online Art Trade Report. The report also states that 84% of art industry players now believe the digital shift in the art market will become permanent, up from 51% in 2020. The campaign also shone a light on the B Corp community, as B Corp giant Finisterre successfully raised at the same time.
Money raised will be used to accelerate technology transition, improve checkout experience and introduce duty and tax calculation and shipping and logistical support for artists, leading to a better delivery experience for customers, which is particularly important post Brexit. Around 60% of monthly shipments on Artfinder are international. Lead investor, VC firm Wellington Partners, have invested over £5m in Artfinder to date.
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 image courtesy of Diana Rosa