March 26, 2015
New York, NY, March 26, 2015—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.
Artsy is the leading resource for learning about and collecting art from over 3,000 leading galleries, 400 museum and institutional partners, and over 50 select art fairs and auctions. Artsy provides free access via its website (Artsy.net) and iPhone app to 250,000 images of art and architecture by 40,000 artists, which includes the world’s largest online database of contemporary art. Artsy’s encyclopedic database spans historical works, such as the Rosetta Stone and the Colosseum, to modern and contemporary works by artists such as Pablo Picasso, Willem de Kooning, Richard Serra, Lucien Smith, Sarah Lucas, and Cindy Sherman. Powered by The Art Genome Project, a classification system that maps the connections between artists and artworks, Artsy fosters new generations of art lovers, museum-goers, patrons, and collectors.
Catterton is the leading consumer-focused private equity firm with more than $4.0 billion currently under management and a twenty-five year track record of success in building high growth companies. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. Catterton invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton’s investments include: Restoration Hardware, Baccarat, PIRCH, John Hardy, Flywheel Sports, CorePower Yoga, Outback Steakhouse, Plum Organics, Mendocino Farms, Noodles & Company, PIADA, Frederic Fekkai, Build-A-Bear Workshop, Wellness and Nature’s Variety pet food, Kettle Foods, Odwalla and P.F. Chang’s, to name a few. More information about Catterton can be found at catterton.com.
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