Since the previous investment round in 2024, the e-commerce platform has tripled both total sales and the number of exhibition venues. The service now gathers 380 artists and operates seven exhibition venues, which are collectively used for between 60 and 70 exhibitions per year.
The growth is explained by the company's business model, which allows sellers to retain 80 percent of the revenue, unlike traditional galleries that often take up to 50 percent in commission. This model and the rapid increase in sales are now the basis for the new investment.
We are coming out of our strongest quarter to date, with a tripled turnover compared to the same quarter last year. This shows that demand exists and that the model works. With fresh capital, we can further develop the technology platform and scale the business, without compromising on the core idea: that more artists can make a living from their art," says CEO Fredrik Sologub.
New Owners and AI Tools
The 2 million SEK investment round consists of capital from previous financiers such as Yuncture Invest, Jovitech Invest and Saeid Esmaeilzadeh, but also from other angel investors. One of the new shareholders is angel investor Juan Fuentes Fernández.
The new capital will be used to expand the company's technical platform, with an increased focus on AI tools. The technology will handle, among other things, pricing, portfolio management and a function to visualize art in a home environment.
The company also states that AI is exclusively used as infrastructure around sales, and never to create the art that is sold. All art on the platform consists solely of original works by living creators.
B2B Sales and Positive Results
The business model now also includes a growing offering towards corporate customers within B2B.
The e-commerce platform is currently furnishing offices for several Swedish unicorn companies that purchase their art through the platform.
The company has shown a positive result in four of the last ten quarters. Looking at the latest reported financial year, total turnover amounted to 3.6 million SEK and operating profit landed at minus 368,000 SEK.
In May, the company organized its own physical art fair in Gothenburg, which was visited by 3,000 people. During the fair's four days, around 100 works of art were sold from 26 different exhibitors.
The company has also received international attention. Last year, they took a place on the EU body EIT Culture & Creativity's 100-To-Watch list.