Twofour54, Abu Dhabi’s media and entertainment free zone, has taken a stake in Collectionair, an online marketplace for fine art.
Collectionair was one of the first start-ups launched from Flat6Labs’ Abu Dhabi accelerator programme last year.
Dash Ventures, an early-stage venture capital firm in Jordan, has also invested in Collectionair.
The start-up acts as an online gateway into the world of emerging art, providing art lovers with a marketplace where they can buy, rent and swap works.
No other details, including the value of investment, were provided.
In 2014, the global art market was valued at US$66 billion, with online art sales representing $3.5bn. The global art market has more than doubled in value in the past 10 years.
“Our partnership with Flat6Labs is fundamental to facilitating entrepreneurship in Abu Dhabi and our investment in Collectionair, a graduate from Flat6Labs, is testament to the quality of the programme,” said Maryam Al Mheiri, the acting chief executive of twofour54.
“At twofour54 we believe in supporting entrepreneurship as a means to promoting economic diversity.
“We will continue to support start-ups that fuel the industry with sustainable sources of innovation and creativity that enable the full value chain of the media and entertainment industry.”
Christie’s Dubai art auction last week raised a combined US$11.9 million, with competitive bidding in the saleroom and clients from around the globe using the online bidding platform Christie’s Live.
The region’s growing appetite for art investment was a spur to venture capitalists seeing Collectionair as a unique proposition.
“Collectionair has built a unique and compelling business model with a focus on emerging artists from underrepresented regions,” said Omar Sati, the managing director of Dash Ventures.
“We believe there is significant opportunity in the online art space and we are already seeing existing collectors and reputable curators embrace the platform.”
He said the funds from this round will go towards expanding the team, sourcing artwork and completing key strategic partnerships.
ascott@thenational.ae
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