NextMonet.com Makes Impression on CMGI

As more retail categories become colonized by entrepreneurs in the great electronic gold rush of the late 1990’s, the e-commerce companies that succeed must attract regular consumers of the product and attract individuals that feel disenfranchised from buying the product in its traditional environment.

NextMonet.com of San Francisco hopes to attract art lovers who are either intimidated or unable to purchase contemporary fine art at galleries. Earlier this year, @Ventures, the venture arm of Andover, Mass-based CMGI Inc., invested $5 million in the company’s first round of venture capital financing.

“We deal with a purely visual medium and can provide materials to make individuals comfortable with their choices,” said Chief Executive Myrna Nickelsen. “Buying art requires a lot of hand-holding, and we go after potential customers put off by galleries.”

In addition to selling more than 2,000 works of art, NextMonet.com offers educational content including art reviews, artist profiles, news and opinion of the art world.

Proceeds from the investment will go toward building the site and a combination of online and offline sales and marketing efforts.

Nickelsen, who previously worked as a management consultant, said the company will likely raise a second round of financing in the next few months. At that time, it will recruit strategic and additional venture investors.

“Next.Monet will bring efficiencies to the high-end art market,” said @Ventures General Partner Brad Garlinghouse. “The company is analogous to [digital music distributor] MP3 in that it will capture transactions made in the digital art world.”