Open Gallery, an artwork rental service in Korea, recently raised KRW 4B (~USD 3.8M) 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.
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.”
Open Gallery received initial investments in September 2015 from LB Investments (~USD 2M) and in January 2017 from Naver (amount undisclosed).
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