Online art auction house Paddle8 raises $34 million
October 29, 2015 02:48 PM
An online art auction house is drawing on a large round of funding to expand its global reach.
Paddle8 has completed a $34 million Series C funding round led by art dealer David Zwirner and investment firm Mousse Partners. This brings the total amount of funding raised to $44 million since its founding in 2011.
Paddle8’s site allows shoppers to search by type of art, such as photographs, paintings or sculptures. Shoppers can sort works of art by newest, most popular or auctions set to end soon. Site visitors also can sign up to sell their own works of art through the site. Paddle8 says more than 500,000 art collectors peruse the site from 90 countries.
The company also offers an iPhone app through which customers can bid on artwork or upload photos of art they want to sell.
The company says it had $35.8 million in sales in 2014. Through the first half of 2015, Paddle8 says it’s on pace to grow by nearly 40% year over year, having done $25 million in sales.
The company says it will hire throughout the U.S. and Europe to continue its growth.
"With this investment, we'll be able to not only make the Paddle8 experience even more seamless, but also bring access to art and luxury collectibles to more people both within the U.S. and around the globe,” Paddle8 co-founder Osman Khan said in a statement.
Mousse Partners also has invested in clothing retailer Bonobos Inc. (No. 270 in the Internet Retailer 2015 Top 500 Guide) and web-only lingerie retailer Adore Me (No. 634 in the 2015 Second 500 Guide), according to CrunchBase.