Contemporary art marketplace Peggy raises $8m in seed funding

• The company was founded by serial entrepreneurs Craig Follett and Adam Meghji in 2020
• Introducing artificial intelligence for verification, paired with marketplace and social features, Peggy’s technology helps new collectors to resell if they choose, while artists earn royalties

Peggy, a Toronto-based secure marketplace to buy and sell contemporary art, has officially launched with an $8 million (C$10.8 million) seed financing.

The round was backed by a range of investors, including Real Ventures, Garage Capital, Portage and Nomad Capital. They were joined by angel investors, among them Bob Harding (former chairman, Brookfield Asset Management, and former president, Board of Trustees, Art Gallery of Ontario) and David Marcus (executive vice president and head of music, Ticketmaster).

Introducing artificial intelligence for verification, paired with marketplace and social features, Peggy’s technology helps new collectors to resell if they choose, while artists earn royalties.

“Peggy creates a new economy for art, one where everyone can participate,” said Craig Follett, co-founder and CEO of Peggy, in a statement. “For the first time ever, collectors can buy art with the flexibility to sell it on the other side, should they one day need to rehome the artwork. This unprecedented flexibility, previously only available to billionaires, is now available to the rest of us, and we’re excited to be at the forefront of this movement.”

The company was founded by serial entrepreneurs Craig Follett and Adam Meghji in 2020.
Follett and Meghji sold their last venture, Universe, to Live Nation Entertainment, Ticketmaster.