Blockchain art registry secures $7mln in funding round from major investors

23 Apr, 2019
by Colin Hawkins
News
Blockchain art registry secures $7mln in funding round from major investors

Artory, a art registry startup with a blockchain backbone, has raised over $7 million in a Series A funding round from some heavy hitting investors, according to the publication Art Newspaper on April 22.

One of the more notable investors is the private investing firm 2020 Ventures, which has a impressive portfolio. They have backed the audio streaming service Spotify since the beginning, as well as the American logistics company Postmates, and the luxury goods resale platform known as The RealReal.

The Artory platform is a ledger which enables users to trace the origin of the art as well as the title data. They give the ability to record the sales of the artwork on their platform as well. The Artory startup has caught the attention of various investors and they have reportedly secured $7.3 million from these several investors.

The funds are planned to be used for further improvement of the registry’s data and developing the platform’s functionality to a elevated state, as explained by the founder of the project Nanne Dekking. Dekking also said that they are “building something that has to be vetted, accurate and easily searchable to show the depth of information behind every artwork.”

A representative for 2020 Ventures, David Williams, told Art Newspaper that the firm seeks out and has a positive outlook at platforms that are “open large markets to a broader range of participants and transactions.”

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