Peggy Raises $10.8 Million, Introduces a Way for Artists to Earn Royalties With the Official Launch of Its App
Peggy, an innovative art marketplace, launched to democratize art investment, making it accessible even during economic uncertainty. The company has raised $10.8 million CAD in funding, reinforcing art as a stable investment. Utilizing AI for artwork verification, Peggy allows collectors to authenticate and resell pieces, with artists earning royalties. The app, supported by partnerships with top galleries and renowned artists, aims to simplify art collecting for new enthusiasts. Founders Craig Follett and Adam Meghji, with previous ties to Live Nation, lead the initiative towards a sustainable art ecosystem.
- Raised $10.8 million CAD in funding, indicating strong investor confidence.
- Introduced AI for artwork verification, enhancing secure transactions.
- Partnerships with renowned galleries and artists increase credibility.
- Creates a sustainable art economy by providing royalties to artists.
- None.
The app makes investing in art accessible to all amidst economic uncertainty
With Peggy, artists across the globe can earn royalties and collectors have the flexibility to resell. With Peggy's patent-pending digital fingerprint, artists, galleries and collectors can finally authenticate artwork. This authentication process enables secondary sales and automatic royalties. Only possible today given advancements in artificial intelligence, Peggy’s digital fingerprinting process utilizes the ease of taking a smartphone picture to create a seamless experience. By enabling collectors to reliably and independently authenticate artwork, Peggy opens the door to secure reselling while continuing to support artists and galleries with royalties.
"Peggy creates a new economy for art, one where everyone can participate," said
Peggy’s vision is simple yet ambitious: a world with art in every home. To achieve this, Peggy has partnered with top contemporary galleries from around the world for the app’s launch. Artwork on the platform features emerging and established artists in a range of stylistic offerings. For those that might be intimidated by the art world, Peggy offers an array of educational materials in the form of editorial articles and Pegcasts (short form audio clips that include interviews with artists). The galleries that Peggy partners with show at the top art fairs in the world—including
“Peggy is moving the art world in the right direction, creating a new level of transparency and accountability,” said
Closing a round like this in a time of looming potential recession, especially from a strong lineup of investors, is testament to Peggy’s unique value proposition. Investors include
The fundraise also included investment by
"I see many similarities between Peggy and early Airbnb," said investor
New collectors and those interested in entering the art market often feel overwhelmed by choice: not knowing what good art is and what art is worth. Peggy takes the guesswork out of collecting by curating a vetted array of artists. VP of Art at Peggy, Bronwyn Hunter-Shortly, whose previous experience includes
The company was founded by serial entrepreneurs
To ensure that each collector gets a personalized experience on Peggy, an invite code is currently in place to access the app. This also makes sure that galleries are able to sustainably reply to all offers—creating a positive experience for everyone. Additionally, collectors can request to join the app. Reach out to press@peggy.com to request an invite code to share with your audience.
The Peggy mobile app is available on both iOS and Android, and can be downloaded by visiting peggy.com/app
To learn more about Peggy, visit peggy.com/
To access the media kit, visit peggy.com/press
About Peggy:
Peggy was founded by serial entrepreneurs
Peggy is the secure marketplace to buy, and sell art. Peggy has partnered with contemporary art galleries from around the world to bring collectors the most sought-after art on the market. The app features artists that push the boundaries of contemporary art—artists on the platform have shown at museums such as the Venice Biennale, Centre Pompidou, MOCA Geffen, and Louvre Abu Dhabi. By providing artist royalties, Peggy expands the art market to support artists and enable secondary sales.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230207005234/en/
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press@peggy.com
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Source: Peggy
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