Avenso AG, a Berlin, Germany-based gallery network and online retailer for photographic art serving the contemporary photographic art market, received an investment of undisclosed amount.
Burda Digital Ventures, the existing minority shareholder, will be bought out by Swedish investor EQT. In conjunction with the transaction, Dr. Rolf Hagemann, EQT Industrial Advisor will join the company’s Board of Directors.
Founded in 2003 by Marc Ullrich, CEO, Avenso operates two brands. The first is LUMAS, which offers art photography from a diverse selection of works by over 160 established artists and carefully selected emerging talents. More than 1,400 works are available as original photographs in editions of 75 to 150 signed by the artist with 24 galleries worldwide (16 in Germany, the others located in international cities such as Vienna, Zurich, London, New York and Paris).
The second brand is WhiteWall, a photo laboratory which offers custom made mounting and framing services for private customers and professional photographers and an online retailer for large-scale, gallery-quality prints.
The funds from the investment will be used to continue to develop the international presence of Avenso (which is already present in the US, UK, Switzerland, Austria, Spain, Italy, France and the Netherlands) as well as to expand its growing online activities. The company also plans to open new galleries and further strengthen the LUMAS and WhiteWall brands.