Artwork rental platform Open Gallery secures US$3.8M funding

Tech For Korea
Artwork rental platform Open Gallery secures US$3.8M funding

The goal is to transform the art industry by making it more accessible to the average person

Open Gallery, an artwork rental service in Korea, recently raised KRW 4B (~US$ 3.8 million) in investment from KDB Infra IP Capital Fund and IBK Capital. Open Gallery connects rising domestic artists to the public through its online rental and sale platform. Once you select an artwork, the Open Gallery team (including its in-house curators) visits your place to install the piece and helps you exchange new artwork every three months.

Also Read: Inside Taizo Son’s plan to power up Southeast Asia’s tech ecosystem

The platform aims to redefine the domestic art market, which has traditionally been dominated by only well-known artists and wealthy consumers, into a market that is more open and accessible to the public. Open Gallery is committed to expanding its consumer base and recently tapped into the business customer segment.

CEO Park comments: “the additional round of funding will be used to accelerate our growth.”

Also Read: Police detain man accused of stealing US$1.3M-worth bitcoins in China

Open Gallery received initial investments in September 2015 from LB Investments (~US$2 million) and in January 2017 from Naver (amount undisclosed).

The article Artwork Rental Platform Open Gallery Secures USD 3.8M in Funding first appeared on Tech For Korea.

The post Artwork rental platform Open Gallery secures US$3.8M funding appeared first on e27.