ArtSugar, the Charity and Instagram-Driven Affordable Art Retailer, Raises Seed Round from Female Founder-Focused Curate Capital
NEW YORK, July 12, 2021 /PRNewswire/ -- ArtSugar (artsugar.co), the female-founded e-commerce retailer pioneering art curation for the Instagram generation, today announced the raise of a $500,000 seed round. The new investment was from Curate Capital (curate.capital), a venture capital firm empowering female founders to accelerate their paths to success.
ArtSugar uniquely solves the challenges millennials and Gen Z face when shopping for art and home decor - mainly an overwhelming quantity to choose from and expensive original works. ArtSugar successfully bridges the gap between mass-produced wall art & decor at big-box retailers and high-end fine art, boasting an exclusive selection of affordable art prints, sculptures and home goods by artists popular on Instagram along with in-house designs. ArtSugar is expertly curated by founder, CEO, and fine artist Alix Greenberg to fit a distinctively glamorous, on-trend, and uplifting aesthetic. Plus, ArtSugar donates proceeds from every purchase to notable charities such as God's Love We Deliver, Gyrl Wonder, and The Trevor Project.
With an MA from Christie's and a BFA from Cornell, Greenberg began her professional career at Christie's and held positions with artist Peter Tunney and at Skarstedt Gallery before founding ArtSugar in 2017. It has attracted celebrity & influencer fans such as Lance Bass, Katherine Schwarzenegger, and Bella Thorne.
"Curate Capital is excited to join ArtSugar and Alix in their mission to transform how millennials and Gen Z buy art," said Carrie Colbert, founder & CEO of Curate Capital. "ArtSugar both honors and compensates artists today and equips art collectors of the future with its curated, eye-catching selection and accessible price point. We look to invest in businesses that are effectively leveraging social media to market and sell to the millennial consumer, and ArtSugar is doing that wonderfully. Plus, Alix has a discerning eye and knows what the chic female consumer wants in her home."
ArtSugar experienced an 80% increase in year-over-year revenue since March 2020. This investment is timely as online art sales doubled in value from 2019 to reach a high of $12.4 billion, and as 71% of Americans plan to redecorate in 2021. The financing from this investment will be used to expand ArtSugar's product line, create immersive in-person experiences, grow the company's artist repertoire, and enhance its e-commerce customer experience.
By featuring artists resonating on Instagram, ArtSugar's assortment is "pre-approved" and primed to interest its social media-minded audience. These goods are perfect for posting on social media, too; customers can switch up their decor to fit their moods and feeds without the sticker shock. Select artists on the platform include Michael Turchin, Angie Crabtree, and Betsy Enzensberger. Curate Capital's notable investments include Packed Party, Park Place Payments, and Glamhive.
"We're thrilled by the support of Curate Capital so we can take ArtSugar's unprecedented business model to the next level. Carrie and I met in the most on-brand way - via Instagram DM. With a passion for color and art, along with her own Instagram influence, Carrie is the perfect partner for the ArtSugar brand," said Greenberg. "With our distinctively social media-driven, philanthropic mission, we've created an immersive, enjoyable and unparalleled art & decor shopping experience."
About ArtSugar:
ArtSugar solves the challenges millennials and Gen Z face when buying art. ArtSugar successfully bridges the gap between mass-produced wall art & home decor and the high-end original art market with an exclusive selection of eye-catching, affordable art prints & decor by popular artists on Instagram, expertly curated by founder & fine artist Alix Greenberg. Plus, ArtSugar donates proceeds from every purchase to a selection of notable charities.
About Curate Capital:
After investing in female-founded businesses for five years with her own capital, Carrie Colbert launched Curate Capital. Founded in 2020, Curate Capital invests in companies by women for women. With a uniquely fully female ecosystem in the venture capital space, Curate boasts a majority of female LP investors in a female-founded and led venture capital fund investing in businesses by women to meet the unique needs and wants of the female consumer. As such, the fund is industry-agnostic, but rather looks across industry lines to find the best investment opportunities in women-driven businesses.
CONTACT: Jourdann Lubliner, [email protected]
SOURCE ArtSugar
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