Artland, a Danish startup, is revolutionizing the art industry with its app. More specifically, it is creating a social marketplace where galleries and collectors can meet and conduct business. The app is available for iOS & Android phones and it already has 18,000 users in addition to 75 participating galleries. These figures are impressive for an app that concentrates on a particular niche. It is also worth noting that the startup began its operations in 2016. Investors have taken note of its remarkable growth as well. They know that it will leave a significant mark on the global art industry, which is worth $32 billion.
In fact, the startup is relying on investors to fund its projects. Friends and family members of the founders, Mattis Curth and Jeppe Curth, provided much of the required capital for the first round of seed funding. The total amount raised by the loved ones of these two brothers remains unknown. However, the latest round of seed funding generated $1 million for the company. Investors who took part in this funding campaign included Mikkel Hansen, Andreas Helgstrand, Shaka Loveless, Poul Oddershede, and Nicolas Michaelsen. These investors are prominent individuals in respective fields. For example, Michaelsen and Oddershede are co-founders of Airhelp, which processes claims against airlines on behalf of its clients. Currently, it has 500 employees, and it operates in Europe and the United States.
Investors in Artland see potential in its business model where the company relies on subscription fees from galleries in exchange for connecting them to professional collectors. Currently, partner galleries include Nils Staerk, Seventeen, and Lyles & King. Collectors include Victor Benady, Rolando Jimenez, and Charles Riva. Artland is now ready for a global takeoff given the seed money that it has to expand its operations exponentially. In fact, the firm is already boasting of a database of 100,000 artists in addition to providing information on 10,000 current and upcoming exhibitions. It seems as though the Artland app will be essential for lovers of art who want to connect with artists in the local area to buy or view their works.
Statistics from the industry seem to favor Artland's technological approach to the purchasing of artwork. For example, a 2017 report by Hiscox PLC revealed that millennials prefer buying artwork online. In fact, the number of millennials who had this preference grew from 14% in 2016 to 22% in 2017. Galleries are taking note of this trend as well. That is why they are increasing their visibility on social media. In fact, the Hiscox PLC report also revealed that 91% of gallery owners promoted themselves and their artists on social media. Now Artland is providing them with a way to display their works on a social networking app and then sell them at the same time.