Luxury E-Commerce Artemest Raises $5M in Series A Funding
The marketplace of high-end craftsmanship will use the money raised to expand its assortment and global distribution
MILAN, Italy, March 29, 2018 /PRNewswire/ -- Artemest, the e-commerce for handmade luxury products, has raised $ 5M in Series A funding, led by the Investment Holding NUO Capital, backed by the Hong Kong PAO - Cheng family, IAG (Italian Angels for Growth) and Bagheera Holding.
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The company based in Milan is the first marketplace to showcase and sell globally an assortment of unique contemporary products handcrafted by the largest network of luxury independent producers. Artemest was launched by the jewelry designer and entrepreneur Ippolita Rostagno (Chief Creative Director) and Marco Credendino (Chief Executive Officer).
"The new funding will be used to accelerate our growth and to increase the number of suppliers on Artemest. We want to strengthen our position as the fastest growing marketplace of luxury independent manufacturers expanding the overall assortment", said the Co-Founder and CEO Marco Credendino.
Artemest was launched in October 2015 from an idea of the Italian-American luxury entrepreneur Ippolita Rostagno, known for her eponymous jewelry brand Ippolita. Ippolita and Marco Credendino launched Artemest with the purpose of helping Italian artisans and small luxury companies compete in the global marketplace.
Currently, Artemest connects a curated network of 400+ independent Italian craftsmen and designers with an international audience of art and design lovers. The average spending of $ 2,000 makes Artemest one of the e-commerce sites with the highest average ticket online. The product assortment includes customizable furniture pieces, home décor, tableware and a selection of handmade gifts. The majority of the products is distributed exclusively by Artemest.
Artemest intends to open a trade version of the platform in order to further strengthen its relationship with interior designers and architects that already use the site as a go-to platform for the supply of home décor products.
CB Insights recently included Artemest in its annual Luxury Tech Market Map: 60 startups changing the way we buy, sell, and perceive luxury. The list includes popular companies like: Farfetch, ModaOperandi, Matches Fashion, The Real Real and Rent the Runaway. Artemest also participated to ScaleIT, the event that showcases the best 14 South European startups.
"NUO Capital is honored to join Artemest, by far the most promising Italian luxury design online platform, with a strong management team and passionate shareholders. With our investments we aim to create a bridge between Italian excellence and Asian society, which is ready for true quality and keen to get it also online." –Tommaso Paoli CEO of NUO Capital.
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