Peggy, a Toronto, Canada-based marketplace to buy, and sell contemporary art, raised CAD10.8M in funding.
The round was led by Real Ventures, ZVC, Garage Capital, Portage, Nomad Capital with participation from Bob Harding, David Marcus, and Tinie Tempah.
The company intends to use the funds to accelerate growth and expand operations.
Founded by Craig Follett and Adam Meghji in 2020, Peggy is a secure marketplace to buy, and sell art. The company has partnered with contemporary art galleries from around the world to bring collectors the most sought-after art on the market. With its patent-pending digital fingerprint, artists, galleries and collectors can finally authenticate artwork. This authentication process enables secondary sales and automatic royalties. By enabling collectors to authenticate artwork, Peggy opens the door to secure reselling while continuing to support artists and galleries with royalties.
The app features artists that push the boundaries of contemporary art, who have shown at museums such as the Venice Biennale, Centre Pompidou, MOCA Geffen, and Louvre Abu Dhabi. By introducing artificial intelligence for verification, paired with marketplace and social features, new collectors now have the ability to resell if they choose, while artists earn royalties.
The Peggy mobile app is available on both iOS and Android, and can be downloaded by visiting peggy.com/app
FinSMEs
07/02/2023