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NextFin's Rating Service "extraordinary," says Artfinder

Posted 4 months ago

NextFin's Rating Service
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Artfinder has complimented NextFin on what is described as an “extraordinary” ratings service. The world’s first certified B corporation, the company was rated by us on June 30 and achieved a Gold rating of 85%. 

Operating in the $55 billion+ wall décor and online art market, the company is backed by Wellington Partners, and private investors in the UK, US and Switzerland. 

It has 60,000 customers, 6,000 artists and a collection of 470,000 artworks. The company believes in establishing direct contact with artists to select or commission work and negotiate prices. So far, customers have rated the company highly with 4.8+ Trustpilot reviews. 

The company was incorporated in 2010, and the platform was developed for three years before the launch of its e-commerce version in 2013. To date, they have sold over 165,000 artworks worth £29 million to customers in 105 countries. It provides a living to 6,700 artists from 95 countries with 36% of artists from the UK. The top seller by value has sold art worth over £360,000 over 5 years

Currently, at a profitable stage, Artfinder is raising funds for the development of technology and changes to operational processes. Just like other online businesses, the current COVID-19 market situation will accelerate the move of art sales online. 

In the short span of a quarter, art buyers have increasingly moved online and the company recorded its GMV (Gross Merchandise Value) for April and May increasing by 108% YoY, new customer acquisitions by 120% and Average Order Value by 8%.

NextFin spoke to the entrepreneurs and investors behind the business to gauge how their crowdfunding rating has had an impact on its operations. 

Michal Szczesny, CEO of Artfinder told us: “The process of getting our campaign rated by Nextfin was really smooth. It was reassuring that their team reviewed all our claims and documents very thoroughly, and the level of detail that went into the full write up is simply extraordinary. 

“It tells me that Nextfin looks at every detail and it makes it clear to me that this was a very valuable exercise to do for our pitch. 

"I was able to update and reassure our potential investors that the pitch has been independently verified and rated. I am confident that this convinced some Crowdcube investors to specifically invest in Artfinder.”

Authors: Oliver Murphy & Sacha Bright

Disclaimer

To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed.



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