Luxury Marketplace Artemest Raises $5M+ in Equity Funding Round
The e-commerce platform of high-end design brings its total funding to $11M+ with new international investors joining the company.
MILAN, August 7, 2020 (Newswire.com) - Artemest, the Milan and New York-based e-commerce platform selling Italian luxury design, home decor and lifestyle, raises a new round of financing with the French private equity OLMA Luxury Holdings and the Swiss holding Brahma joining the Milan-based investment firm NUO Capital (sponsored by Hong Kong’s PAO family office) in supporting financially and strategically the growth of the company.
Artemest’s mission is to support small luxury brands, artisans, designers and artists to gain international visibility and bring their businesses abroad by providing them not only with a curated marketplace but also with best-in-class services, such as concierge, logistic support and marketing activities to reach customers in over 70 countries in the world.
Artemest recently reached more than 1,000 artisans and luxury brands on its platform, the majority of which have exclusive distribution agreements with the marketplace. The company will use the proceeds from the funding to further develop digital tools both for interior designers, architects, and final consumers globally, and for its suppliers to further enhance their online visibility and digital sales strategy.
Despite the lockdown due to COVID-19 and the subsequent decrease of orders from hospitality groups, both final consumers and trade business lines have registered triple-digit year-over-year growth. The US, Canada, and UK represent the main markets for Artemest, with APAC countries following North America as the second region for revenue and traffic.
“Artemest is constantly growing to become the leading luxury marketplace for contemporary design and the main point of reference for thousands of worldwide clients looking for handmade artistic pieces,” says Artemest CEO Marco Credendino. “Tech development and assortment growth will allow our clients to easily find solutions to their needs.”
Following the success of the special collections launched together with Richard Ginori and the fashion brand Luisa Beccaria, Artemest will continue to develop collaborations with luxury brands and artists.
"OLMA is delighted to join Artemest. With its dynamic management team, this marketplace embodies tomorrow’s luxury and embraces the changes currently transforming the sector," commented Pierre Lainé of OLMA Luxury Holdings, board member of Artemest.
“We are honored to continue to support Artemest’s management team in this amazing venture and welcome the new investors which can boast strong international footprint and specific know-how,” says Tommaso Paoli, CEO of NUO Capital.
OLMA Luxury Holding and NUO Capital led the round alongside Brahma and current shareholders of the company. Bonelli Erede was the legal advisor of the capital increase for Artemest while Chiomenti was the advisor for the investors.