All commerce Funding Startup News in Korea (Korean Startup News)

Chaart Secures Funding to Transform Art Resale for Korea’s Young Collectors

2024-04-02 2 min read


Chaart Secures Funding to Transform Art Resale for Korea’s Young Collectors

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Chaart, an art resale platform designed for Korea’s affluent young art collectors aged between 30 and 50, has completed a pre-seed funding round with investment from 500 Global. The platform aims to connect art collectors with the secondary market for art sales, spearheading the digital transformation of the traditional art market. Its mobile application has garnered high satisfaction among users for its features, including automatic art matching, authentication services, secure delivery, and payment processing, thereby introducing new opportunities within the art transaction sphere.

Within just ten months of launching its paid services, Chaart has amassed a portfolio of over 9,000 valuable artworks, surpassing KRW 2.6 billion in cumulative transactions. This achievement highlights an impressive average quarterly growth rate of 220% in sales. Chaart was founded by Jung Seung-yeon, who leveraged her extensive experience in the art market and a background in fine arts from Hongik University to establish the platform.

Shin Dong-yeop, an investment analyst at 500 Global, praised Chaart, saying, “Chaart represents a team with a visionary approach, aiming to democratize access to secondary art transactions that were once limited to a privileged few. With a focus on solving the exclusivity issues of the traditional art market through a bottom-up approach, and by providing transparent data along with a user-centric experience, we believe Chaart is well-positioned to swiftly capture the rapidly growing domestic art market, which has recently exceeded KRW 1 trillion annually.”

Jung Seung-yeon, the CEO of Chaart, highlighted the company’s target demographic: “Our primary customers are the young and wealthy 3050 demographic, who possess both a keen interest in art transactions and the necessary liquidity but have been hesitant to invest due to the asymmetric information barrier in the market. Our goal is to facilitate these young art collectors in conveniently purchasing and selling high-value artwork, enabling them to enjoy and profit from their passion for art.”

[Funding News in Korea]

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