Paddle8, a New York, NY-based online art marketplace, has raised $4m in funding.
The round was led by David Frankel of Founder Collective who has also joined the board of the company, with participation from Mousse Partners.
Paddle8 intends to use the capital to launch a new user interface focused on collector-to-collector engagement, dynamic editorial and customized navigation features and to roll out new tools and services for galleries, including a new point of sale transaction platform, private rooms and a set of mobile applications.
Launched in May 2011 by Aditya Julka and Alexander Gilkes and also led by and Managing Director Osman Khan and Managing Editor Andrea Hill, Paddle8 is a destination for examining, understanding and acquiring contemporary artworks.
It allows both new and seasoned collectors to access fine art works via a curated selection, insider opinions and a patented transaction platform that allows them and galleries to ship, insure and install works effortlessly.
The company has formed partnerships with leading museums across the world, including the Los Angeles County Museum of Art (LACMA), over 200 galleries, including Gagosian and David Zwirner, and art fairs such as NADA, in addition to prominent brands affiliated with high net worth communities, including NetJets, Edmiston and Krug.