Artory, a blockchain-based art registry, has successfully raised over $7 million in Series A funding. Notably, one of the investors is an early Spotify investor who contributed significantly to the funding.
Nanne Dekking, founded the project Artory, which allows users to track provenance and title data, and also the record sales of works of art. The project was started back in 2016 and it’s aim is to “protect and grow the prosperity and enjoyment of those who buy, own, and sell art.”
The funds secured by Artory will be utilized in improving the functinality of the platform and improving the registry’s data, according to founder Nanne Dekking. He said that they
“are building something that has to be vetted, accurate and easily searchable to show the depth of information behind every artwork.”
In the Series A funding, the project raised $7.3 million from a group of investors, including private investing firm 2020 Ventures. What’s interesting is that 2020 Ventures has earlier supported Swedish audio streaming platform Spotify, American logistics company Postmates, and luxury goods resale platform The RealReal. They definitely have quite a successful history when it comes to investments.
David Williams, the general partner of 2020 Ventures, has made a statement that the firm is fond of platforms that “open large markets to a broader range of participants and transactions.”
Artory has recently acquired auction house database Auction Club, for the purpose of its sales. It is a subscription-only database which contains sales information from more than 4,000 international auction houses.
This acquisition will help Artory integrate Auction Club’s sales data, into its own system, thereby widening the database.