Luxury Online Marketplace Artemest Raises $1.2M in Seed Funding
Artemest, the online destination for Italian handmade luxury products, has raised $1.2M in Seed Funding, led by IAG (Italian Angels for Growth), with American and European notable angel investors participating in the round.
The company, based in Milan, was launched in October 2015 by the Italian-American luxury entrepreneur Ippolita Rostagno, known for her eponymous jewelry brand IPPOLITA. Ippolita launched Artemest with the purpose of helping Italian artisans compete in the global marketplace.
Currently Artemest showcases 230 independent makers and more than 5,000 products. The average spending of approximately $1,700 makes Artemest one of the e-commerce sites with the highest Average Order Value on the market. Customers located in more than 60 countries can buy something for as little as a $90 Murano glass, or a $230,000 mosaic marble table by Traversari Mosaici in Florence.
The startup, a few months after the launch, was also selected by Neiman Marcus to be part of its exclusive Fantasy Gift selection for its Christmas Book. It sold a Tour of Italy to discover the most renowned Italian artisans and artists for $150,000.
“The new funding will be used to expand our presence in the US and the UK that currently account for 80% of GMV, as well as to increase the number artisans and makers on Artemest to strengthen our position as the biggest online network of luxury manufacturers,” said the Co-Founder Marco Credendino.
What makes the site appealing is the mix of content and commerce that helps visitors learn and explore the manufacturing processes of some of the most beautiful products on Earth.
All the products sold on Artemest are customizable and unique. The assortment is mainly focused on Home Décor but Lifestyle and Jewelry are two growing categories.
“We are proud to have invested in Artemest, the best bridge between Italian local excellence and the worldwide luxury market, which asks for intrinsic value and tradition. We are sure that Artemest is a really effective answer to this rising demand of the market,” Marco De Guzzis of IAG said.
We have traveled throughout Italy to bring connoisseurs everywhere wonderful handmade products crafted by exceptional artisans. Explore the varied worlds of home décor, jewelry and fine art as they change in character from region to region, and observe each artisan in his workshop as he describes his process and worldview. From Venice to the Amalfi coast, from Florence to Milan experience the history of ancient traditions through the passionate eyes of our creators and delight in their talent, genius and flair. “Artemest was born to arouse and celebrate a desire for beauty in our everyday lives”
Source: Press Release