TurningArt Turns up $1.5M Round

TurningArt, the Boston-based online artwork dealing network, has raised $1.5 million in a round of funding. Now, Fouad ElNaggar, SVP of CBS Interactive and former VC Redpoint Ventures, will join the company’s board.

PRESS RELEASE:

TurningArt Raises $1.5 Million to Deliver the Cure for Empty Walls

BOSTON, May 23, 2012 –TurningArt, the Boston-based startup that is changing the way people buy artwork has raised $1.5 million in a round of funding. As a result, Fouad ElNaggar, SVP of CBS Interactive and former venture capitalist at Redpoint Ventures, will join NextView’s David Beisel on the company’s board of directors.
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In the past year, TurningArt’s customer base has grown by 350%. Thousands of consumers are now using TurningArt to shop for artwork and try it out in their homes. The company has also attracted hundreds of artists, as it has become known as an effortless, zero-cost way to reach consumers across the country—and make money doing it.
“We’re thrilled by the enthusiasm we’ve seen from both customers and artists,” says founder and CEO Jason Gracilieri. “But we’re even more excited about the opportunity before us. This round of funding will help us elevate our level of service and begin to introduce TurningArt to a broader segment of the $26 billion art market.”
With its latest round of funding, TurningArt plans to introduce new delivery options, expand its artwork collection, and build up its core team. A vice president of product and experience tops its list of prospective hires. “Delivering a first class experience to our customers is a real priority for us, and we’re now in a great position to do something truly revolutionary in a market that is fractured and outdated.”
About TurningArt
Launched in August 2010, TurningArt (www.turningart.com) works with independent artists from across the country to allow customers to try prints of original artwork in their homes without committing to a purchase. For a low monthly fee, customers can try as many prints as they like. All prints and the original works they represent are available for purchase directly from TurningArt. In addition to gaining national exposure at no cost, artists receive the lion’s share of every sale and a portion of subscription revenue.