Artfact Raises $13M and Merges with Auctionzip
Artfact, LLC, an online marketplace of fine and decorative arts, antiques, collectibles, and estate auctions, closed a $13m growth capital financing provided by Commonwealth Capital Ventures and Ascent Venture Partners.
The funds will be used to expand product development, marketing, and sales efforts, as well as facilitate the simultaneous merger with Auctionzip, a directory of live auction listings with more than 160,000 estate auctions from 15,000 auctioneers in the U.S. and Canada each year.
On January 1, 2009, Artfact launched Artfact Live! and Invaluable Live!, its proprietary live auction bidding platforms, enabling more than 1 million knowledgeable collectors and dealers to bid in real-time at more than 150 prestigious auction houses.
After the merger, each company will maintain its distinct brand, website, and office location in Allston Massachusetts (Artfact), Bedford, Pennsylvania (Auctionzip), and the Isle of Wight, U.K. (Invaluable).