Rise Art, an online marketplace for contemporary art, recently launched an equity crowdfunding campaign on Crowdcube to raise £150,000 as it prepares to expand.
The company allows art lovers to easily buy or rent artwork. Its description reads:
“We’re changing the way consumers find and own original works of art from professional artists with our online marketplace and unique try before you buy art rentals. Our art rentals let anyone live with art in their home or office before they buy while earning credits towards purchase in the process.”
Here’s how Rise Art works:
- Expertly Curated: Rise Art’s insiders scour the art world and handpick artists for the site.
- Personalised to customers: Discover new artwork tailored to your interests based on our art style quiz, recommendation engine and speak with a curator service.
- Risk Free: See it in the flesh before the customers buy with the art rentals
- Full service: Shipping, framing and insurance offerings takes the hassle out of buying
The company noted:
“In January 2016, we successfully raised over £425k from e-commerce and art angel investors, including Great Oaks Capital. We’ve had the opportunity to raise more capital from institutional investors but have decided to offer £150k to our customers and supporters, as it is important to us.”
Funds from the campaign will be used for the following:
- Recruiting more professional artists to the site from the UK and beyond
- Building the core team including key roles in marketing and operations
- Scaling marketing channels online and offline, with a focus on content marketing
- Enhancing technology applications including mobile offerings, seller tools and CRM
- Expanding the business internationally
Those who invest in the company will receive various rewards, including 5% off purchases, invitation to the Rise Art closing party in London, a visit from Rise Art’s head insider Rebecca Gordon and personalized artwork.
Since its launch, the campaign has received over 45,000. It is set to close at the end of April.
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