The NY-based online art venue Paddle 8 recently secured $4 million in a first round of funding. The investment was led by Mousse Partners, a private investment firm controlled by Chanel Inc. and the VC firm Founder Collective, which has also backed startups Makerbot and Milo.
According to ARTINFO, the funding will allow Paddle8 to create a new interface where collectors can communicate with one another and look at a larger amount of artwork. Paddle8 will have competition from Art.sy, which is still in Beta. Backed by Larry Gagosian and Dasha Zhukova, it’s being touted as the “Pandora for the art world.”
Founded by Alexander Gilkes and Aditya Julka, the site produces online guest curated exhibits with works to sell to major galleries. Since its launch in May, it claims to have worked with more than 200 galleries worldwide.