Artsy, a New York based global platform for discovering and collecting art, raised $50M in Series D funding.
The round was led by Avenir Growth Capital with participation from L Catterton, Thrive Capital, Shumway Capital and leaders in art, media, and technology, including Larry Gagosian (founder of Gagosian Gallery), Joe Gebbia (Airbnb co-founder), members of the Rockefeller and Acquavella families, Greg Maffei (Liberty Media), Dasha Zhukova (Artsy co-founder, founder of Garage Museum of Contemporary Art), current board members Wendi Murdoch (Artsy co-founder and film producer) and Sky Dayton (Earthlink, Boingo), and new board members Rich Barton (Expedia, Glassdoor, Zillow) and Bob Pittman (MTV co-founder, iHeartMedia CEO). In conjunction with the funding, Andrew Sugrue (co-founder of Avenir Growth Capital) joined Artsy’s board.
The company intends to use the funds to continue investing in the platform and to accelerate the growth of its newest business unit, auctions.
Launched in 2012 and led by Carter Cleveland, founder and CEO, and Sebastian Cwilich, President and COO, Artsy provides an online platform for discovering and collecting art. The company partners with top international galleries, auction houses, and art fairs to create a central marketplace for art, bolstered by an editorial platform and tools for art education and discovery.
Its technology connects supply and demand on a global scale, facilitating over $20M of sales per month for its 1,800+ gallery partners in 90+ countries, with an average distance of over 3,000 miles between buyers and sellers. In addition, the audience has grown to more than two million unique visitors per month, and Artsy’s magazine is now the world’s most-read online art publication.
In 2016, the company introduced a platform for live auctions and partners with the world’s leading global and regional auction houses, including Christie’s, Sotheby’s, Phillips, and Heritage.
Artsy also has offices in London and Berlin.