TRLab, a curated NFT art platform for discovering, collecting and interacting with the world’s leading artists, announced the close of a US$4.2 million funding round, led by art market leaders and tech investors representing the forefront of digital innovation within the global art market.
Pace Gallery and its associated Web3 company Pace Verso, art collectors Adam Lindemann, Pablo Rodriguez-Fraile, and Svetlana Kuzmicheva-Uspenskaya, and art world entrepreneur Loic Gouzer joined the round, alongside NFT funds Metapurse and WhaleShark, and venture capital firms Animoca Brands, BAI Capital, Digital Renaissance Foundation, INCE Capital, Kenetic, Plutus Capital, StableNode and Willoughby Capital. Significant private investors include Marc Bhargava, Gabby Dizon, Sabrina Hahn, Andrew Steinwold, Olivia Wang, and Jennifer Zeng.
TRLab was incubated by Dragonfly Capital, with the support of the founders of Artsy, Shanghai Rockbund Art Museum, and ART021 Shanghai Contemporary Art Fair. The latest capital raise brings a total of US$6.2m in investment to the fast-growing start-up, which launched in May of 2021.
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TRLab is led by Co-Founder and Chairwoman Xin Li-Cohen, who is also non-executive Deputy Chairman at Christie’s, and by Co-Founder and CEO Audrey Ou. Since its launch, TRLab has produced and launched more than a dozen successful NFT artwork projects. Starting with Cai Guo-Qiang’s genesis NFT project, TRLab has partnered with digital and traditional artists to launch 1/1 and limited-edition NFTs, and achieved one of 2021’s top prices for any NFT artwork at $2.5m US. TRLab’s ongoing AI 2041 series, a ground-breaking multi-artist collaboration, has featured sold-out drops from leading digital artists NessGraphics, Brendan Dawes, and Blake Kathryn, among others. Underpinning each project is TRLab’s global virtual community, which has grown exponentially in the last six months, drawn by the platform’s curated approach.
The new capital will be used to diversify TRLab’s project roadmap to include NFT art projects of varying scope and scale, ranging from full-production genesis drops created in partnership with individual contemporary artists, to curated multi-artist projects united along a common theme, to large-scale editions that integrate shared learning and direct access to artists into the collecting process. Two new NFT projects are slated for announcement in Q1 2022, along with expanded membership benefits for both established and first-time transactors.
“We are delighted to have the support and enthusiasm of such a distinguished group of investors behind us, as we embark on this exciting next stage of growth for TR Lab,” said Xin Li-Cohen, Chairwoman and Co-Founder of TR Lab. “In our first year as an NFT art platform, we have introduced new approaches and innovations that optimize the collecting experience for both artists and buyers, and we have built the foundations of a global collecting community that prioritizes access and shared learning. As we move forward, our team and our investors are equally committed to keeping art and community at the center of all that we do, as we continue to push the boundaries of this exciting evolution in contemporary art.”
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“The next generation of art collectors is already engaging with art through a digital-first approach,” noted Marc Glimcher, CEO and President, Pace Gallery. “TRLab is a leader in the movement of NFT art platforms using NFTs as an entry-point to greater engagement with artists, both traditional and digital. I am delighted to support their initiatives as they continue to define what fine art collecting can become in this new digital era.”
“In the crowded and fast-evolving NFT art space, TRLab is differentiated from other NFT art platforms by having a targeted and curated approach that collectors have come to appreciate and rely on as the ecosystem quickly evolves,” said Andrew Steinwold, Managing Partner, Sfermion. “By focusing on the art and the community experience, TRLab has built an exciting foundation on which they can now produce even more engaging NFT projects, working with both digital artists and with traditional artists who are ready to explore NFTs as a medium.”
William Zhao, Partner, BAI Capital, commented: “TRLab is a pioneer in the NFT art world, with a strong and experienced team equipped with curatorial practice, production ability, and comprehensive service. BAI is honored to participate in this round of funding.”
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