Opengallery, an artwork rental service, received USD 3.8 million of funding from KDB Infrastructure IP Capital Fund by KDB Infrastructure Investments Asset Management and IBK Capital.
Opengallery is a platform based on the online dealing system that loans popular artwork by Korean artists for only 1-3% of the original price and replaces them every three months.
Expanding the art industry, not only for famous artists and wealthy people, but also for emerging artists and the general public, Opengallery now has a number of individuals and companies as their customers.
Euy-Kyu Park, CEO of Opengallery, mentioned “Our business will gather speed through this round of funding.” Meanwhile, Opengallery received USD 1.9 million from LB Investment in September 2015 and a secret amount of funding from Naver in January 2017.
(Top photo from Opengallery)
This article, entitled “Artwork rental platform Opengallery receives USD 3.8M to expand art industry”, was written in Korean by Platum, translated by Hazel Yu, edited by AllTechAsia.