Paddle8, a NYC-based secondary marketplace for art and luxury collectibles, raised $34M in Series C funding.
Backers included new investors David Zwirner, Rolf Sachs, Eric Fellner, and Edgar Berger, and existing investors Mousse Partners, Damien Hirst, Jay Jopling, and Stavros Niarchos.
The company, which has now raised $44M in total fundraising, will use the capital to expand its global presence both in the U.S. and Europe, to hire talent across all major areas of the business, mainly across the engineering team, and areas such as vintage accessories and design, and to invest in app and mobile capabilities.
Founded in 2011 by Alexander Gilkes, Aditya Julka and Osman Khan, Paddle8 is a secondary marketplace for art and luxury collectibles worldwide. The company offers both veteran and novice investors or collectors an online process to discover, sell and purchase art works, furniture, jewelry and luxury collectibles through for-profit auctions, non-profit auctions and private sales.
Paddle8, which currently serves a community of more than 500,000 collectors worldwide, has additional offices in Los Angeles and London.
Total revenues in 2014 totaled $35.8m, a 146% increase from 2013 while total revenue in the first half of 2015 reached $25M.