With just a little over a week before its latest equity crowdfunding campaign is set to close on Crowdcube, online gallery marketplace Rise Art has successfully secured its initial £650,000 funding target. The initiative has so far attracted nearly 250 investors.
As previously reported, Rise Art was founded in 2012 with a mission to revolutionize how people find and buy art. The platform’s curators search around the globe for exceptional talent and, just this past year, it reviewed 20,000 artists and accepted less than 3% on its website.
“We want to be the online gallery that discovers the most extraordinary artists from around the world, making great art accessible to everyone. We’re now raising capital in order to grow our customer base and expand into Asia, where we see huge market potential.”
The latest funding round comes just a little over two years after securing £520,000 in funding through its first Crowdcube round. Since then, the company has experienced some significant growth, In 2017, Rise Art’s order value went up to nearly 100% YOY to £1,032,000 (Revenue £581,216, GP 63%, Net Loss £706,491). The company has also launched the Rise Art Prize, a global art prize with over 40 press features including the Financial Times, reaching 6 million, and began its Asian expansion by opening up pop-ups and media events in Hong Kong.
Funds from the Crowdcube round will be used to continue Rise Art’s growth and expansion. The funding round is set to close next Wednesday.
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