Artsy (Artsy.net), the online platform for learning about and collecting art, has raised $25MM in Series C funding led by Catterton, the leading consumer-focused private equity firm. Michael Farello, a partner at the firm, will join Artsy’s board of directors.
“There is a significant opportunity to expand the global art market, and we believe Artsy can do so as consumer purchasing preferences are rapidly moving online,” says Carter Cleveland, founder and CEO of Artsy. “We were particularly excited to partner with Catterton given their track record scaling consumer brands domestically and abroad.”
Artsy, whose mission is to make all the world’s art accessible to anyone with an internet connection, has grown rapidly in the past year. In that time, the number of galleries listing for-sale artworks on Artsy, and revenue from gallery subscriptions has tripled. Between 2013 and 2014, the total estimated value of new gallery inventory on Artsy grew by 89%. To date, collectors have inquired on an estimated $10.2 billion worth of art on Artsy.
“We’re very excited to work with Catterton and Michael Farello, who will be great partners as we continue to grow Artsy’s business domestically and abroad. Catterton has unparalleled experience in building excellent consumer brands and we look forward to working together to expand Artsy’s reach around the world,” said Sebastian Cwilich, president and COO of Artsy.
“Catterton is delighted to have made an investment in Artsy,” said Mr. Farello. “We believe that the company has the ability to dramatically expand the number of collectors worldwide, and look forward to leveraging our consumer expertise in the luxury market to help drive Artsy’s growth.”
Catterton joins existing investors in Artsy including Rich Barton, Sky Dayton, Lee Fixel, Larry Gagosian, Joe Lonsdale, Wendi Murdoch, the Rockefeller family, Peter Thiel, Thrive Capital, and Dasha Zhukova.