South Korea-based Tessa, which allows users to buy, trade and collect art, has reportedly received $9m in funding from Kyobo Securities.
As part of the investment, Tessa will launch cooperation projects with Kyobo Life Insurance Group, according to a report from Korea Tech Desk.
This investment capital will also enable Tessa to strengthen its investor protection and expand its operations.
Speaking on the deal, Tessa CEO Kim Hyung-jun told Kore Tech Desk, “With this investment, we have secured both customer base and business stability. We will strive to comply with laws and regulations and strengthen investor protection while doing our best to create a safe fractional investment ecosystem.”
Tessa is an art collecting platform that allows users to buy, trade and earn returns on co-owned units of artworks.
One of its offerings allows users to buy ‘blue-chip’ artworks from leading artists for as little as $1.
Its co-ownerships work by dividing the works into affordable and standardised units that can be bought through the TESSA app. The mobile app can be used to manage all of the artworks.
FinTech investment in South Korea is set to half in 2022 from last year’s levels. In the first six months of the year, $280m was invested through 20 deals. This is compared to 2021, which saw $1.2bn invested throughout the whole year.
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