Art Loft Raises Financial Funding From East Ventures.
As of recently, online art galleries have been popping up all over the place. Art Loft seems to be capitalizing on this recent trend as it has recently announced that it has managed to secure a recent seed funding for a undisclosed amount of money from East Ventures.
Art Loft is a vetted platform that features emerging talents based all over Asia’s contemporary art scene and connect them with art appreciators. This business makes its revenue though e-commerce sales as well as art rentals. The vetted platform was established by three female entrepreneurs earlier in 2014, Tian Qiuyan, Michelle Chan and Alexandra Eu. The founders have experience within the fields of e-commerce, art, design and marketing.
Co-founder and managing partner of East Ventures, Willson Cuaca, stated, “Asia will contribute around 65 per cent to 70 per cent of the global art market by 2015, while emerging South East Asia artists have been growing consistently in recent years. Qiuyan has formed a solid team with Michelle and Alexandra to address this opportunity and we are glad to be part of their journey.”
A interesting aspect of Art Loft that makes it unique from other art galleries, is its rental system for art appreciators, where the purchaser can take the art piece home before deciding on whether they should purchase it or not. Its short-term art rental service cost a total of $16 a month. If the customer intends to purchase the art in te end, part of the rental payment is to also include the final purchasing price.
They main difference between traditional art galleries and their digital galleries has to do with the limited display vacancies for artist. Due to this time constraint, traditional art galleries are only premium, fitting for more well established artist with a strong following are able to display their works in this galleries.