Abu Dhabi's media free zone twofour54 has announced it has invested in a stake in Collectionair, an online platform and curated marketplace for fine art from emerging markets, including the Middle East and Africa.
Collectionair was among the first batch of start-ups launched in the first cycle of Flat6labs’ accelerator programme in 2015.
Dash Ventures, an early stage venture capital firm in Jordan, has also invested in Collectionair to support the start-up in developing its platform for customers who are keen on discovering and experiencing art conveniently, a statement said.
The growing success of the emerging Middle Eastern art scene has provided a strong base for Collectionair to represent upcoming and already established artists from the same and other equally promising scenes, it added.
Collectionair acts as an online gateway into the world of emerging art, providing art lovers with a globally accessible marketplace and a sharing community where they can also buy, rent and swap works from the comfort of their homes.
Maryam Al Mheiri, acting CEO of twofour54, said: “We will continue to support start-ups that help to fuel the industry with sustainable sources of innovation and creativity that enable the full value chain of the media and entertainment industry.”
Valerie Konde, founder of Collectionair, added: “We believe that art should be inclusive so our mission is to introduce contemporary art to people who don’t know where to begin. Our online platform not only gives the chance for art lovers to discover and experience hand-picked works from exciting new markets, but we also give emerging artists the possibility to exhibit on a globally curated stage.
"The support we have received from Flat6labs and twofour54 has been vital in helping us to kick start our venture in the region, as well as in spreading artworks and content from the Middle East to the rest of the world.”
In 2014, the global art market was valued at $66 billion with online art sales representing $3.5 billion. The global art market is expected to continue growing at a fast pace, having more than doubled in the past 10 years.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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