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Investment app Otis has raised $11 million in a Series A funding round led by Maveron, the venture capital firm that invested in companies such as eBay, Zulily and Allbirds, among others. Additional investors include Union Square Ventures, NextView Ventures, Kindred Ventures, and Will Smith’s investment fund Dreamers.
Founded by Michael Karnjanaprakorn, Otis is a platform for users to buy and sell shares of artworks, sneakers, handbags, watches and skate decks. The platform launched with a painting by Kehinde Wiley and added artworks by Kaws, Takashi Murakami and Virgil Abloh, Nike Air Mag sneakers, a Hermès Birkin bag, Rolex Daytona 6265 Big Red from 1978, and Supreme skate decks featuring works by Kaws, Murakami, George Condo, Jeff Koons, Marilyn Minter and Cindy Sherman. All of the works available are on view at the company’s physical location in the East Village in New York.
Karnjanaprakorn said the investment will be used to expand its art and product drops on the Otis app.
“I was seeing the changes in art and commerce through the lens of social media. These artists command huge audiences that allow artists to have a direct relationship with their fans, and an audience that far outpaces any sort of art gallery,” said Natalie Dillon
Investment app Otis has raised $11 million in a Series A funding round led by Maveron, the venture capital firm that invested in companies such as eBay, Zulily and Allbirds, among others. Additional investors include Union Square Ventures, NextView Ventures, Kindred Ventures, and Will Smith’s investment fund Dreamers.
Founded by Michael Karnjanaprakorn, Otis is a platform for users to buy and sell shares of artworks, sneakers, handbags, watches and skate decks. The platform launched with a painting by Kehinde Wiley and added artworks by Kaws, Takashi Murakami and Virgil Abloh, Nike Air Mag sneakers, a Hermès Birkin bag, Rolex Daytona 6265 Big Red from 1978, and Supreme skate decks featuring works by Kaws, Murakami, George Condo, Jeff Koons, Marilyn Minter and Cindy Sherman. All of the works available are on view at the company’s physical location in the East Village in New York.
Karnjanaprakorn said the investment will be used to expand its art and product drops on the Otis app.
“I was seeing the changes in art and commerce through the lens of social media. These artists command huge audiences that allow artists to have a direct relationship with their fans, and an audience that far outpaces any sort of art gallery,” said Natalie Dillon