Artsy has successfully raised $100.8 million over five funding rounds, with the latest being a Series D in July 2017. The platform allows users to discover and buy art from leading galleries and auctions worldwide.
Keep reading to explore the intricacies of Artsy's fundraising journey and the investors backing this innovative platform.
What Is Artsy?
Artsy, founded by Carter Cleveland and Wendi Murdoch, is headquartered in New York City. The platform aims to make the world’s art accessible to anyone with an Internet connection. With a team of 201-500 employees, Artsy allows users to discover and buy art from leading galleries and auctions worldwide.
How Much Funding Has Artsy Raised?
- Seed Round
- Amount Raised: $1.25 million
- Date: November 2010
- Lead Investors: Josh Kushner through Thrive Capital
- Motivation Behind the Round: The new capital will be used to hire engineers to help build out the startup's "Art Genome" algorithm, which aims to make better art recommendations and make it easier to discover art.
- Series A
- Amount Raised: $6 million
- Date: November 2011
- Lead Investors: Peter Thiel
- Motivation Behind the Round: To hire more people, including a top-notch web designer and a director of museum relations.
- Series B
- Amount Raised: $18.5 million
- Date: April 2014
- Lead Investors: Thrive Capital
- Motivation Behind the Round: To make visual art as accessible to the world as music, similar to the impact of Pandora on music accessibility.
- Series D
- Amount Raised: $50 million
- Date: July 2017
- Lead Investors: Joe Gebbia, Joshua Kushner
Total Amount Raised: $75.75 million. Current Valuation: $275 million (~estimated).
Key Investors
- Joe Gebbia
- Details: Joe Gebbia is the co-founder of Airbnb, a major player in the sharing economy and hospitality industry. He has been instrumental in transforming the way people travel and find accommodations.
- Investment Focus Areas: Technology, hospitality, design.
- Notable Investments: Airbnb, Samara, Backyard.
- Joshua Kushner
- Details: Joshua Kushner is a prominent venture capitalist and entrepreneur, known for founding Thrive Capital. He has a keen eye for investing in high-growth tech startups.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Oscar Health, Cadre, Instagram.
- Peter Thiel
- Details: Peter Thiel is a co-founder of PayPal and Palantir Technologies, and an early investor in Facebook. He is a well-known figure in the venture capital world.
- Investment Focus Areas: Technology, finance, media.
- Notable Investments: Facebook, Palantir Technologies, SpaceX.
- Thrive Capital
- Details: Thrive Capital is a venture capital firm founded by Joshua Kushner. The firm focuses on technology and media companies, aiming to support innovative startups.
- Investment Focus Areas: Technology, media, healthcare.
- Notable Investments: Instagram, Robinhood, Slack.
- Wendi Murdoch
- Details: Wendi Murdoch is a businesswoman and investor with strong connections in the media and entertainment industry. She is also known for her work as a film producer and art collector.
- Investment Focus Areas: Media, entertainment, art.
- Notable Investments: Various media and entertainment ventures.
What's Next for Artsy?
Artsy stands at the cusp of significant growth opportunities. The platform's expansion into the online art marketplace, coupled with strengthening partnerships with museums, galleries, and art fairs, positions it to capitalize on the increasing digitization of art sales. With substantial financial backing, Artsy is well-equipped to enhance its platform and attract a broader audience of buyers and sellers.
Future fundraising opportunities appear promising, given the successful $50 million funding round and the involvement of high-profile investors. As Artsy continues to grow, it may attract further investment to support its ambitious goals. However, challenges such as competition from other online art marketplaces and maintaining high-quality partnerships with established art institutions remain. Ensuring the authenticity and quality of artworks will be crucial as Artsy navigates its path forward.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Artsy and gather other critical business insights.
Sign up for free on Clay and start leveraging these powerful tools today.
