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Idea
Introduction
Cosimo is an online marketplace and platform empowering emerging artists to sell their work directly to collectors – without commission fees – so they can turn what they love into what they do.
We founded Cosimo after frustrating experiences working in the commercial art sector, and particularly after seeing the impact of high commission fees (typically 30-50%) on buyers and sellers, both on and offline.
Having bootstrapped our platform from MVP to Early Traction & Revenue*, we’re seeking our first round of external investment to supercharge our growth.
We’ve worked closely with our early adopters to create a platform that works for both sides of the market, and we’re now ready to take it to a wider audience.
We’re on a mission to make art more approachable, accessible, and affordable for all; and we want you to be part of the new Renaissance.
Substantial accomplishments to date
Founder Recognition: Recipient of the University of Birmingham Start-Up Scholarship worth £15k. Shortlisted for Birmingham Tech Awards Young Person of the Year and Young Tech Talent Award for Business Live.
Revenue Generating: We’ve generated more than £4k in subscriptions since launching, with a current average expected artist lifetime value of c.£350*. We’ve also proven traction with tiered memberships up to £20/month – which will be introduced as we grow, and in the last year, we’ve had a churn rate of less than 4%.
Media Coverage: Cosimo has had exposure in a range of media outlets, from local to national news – most notably appearing on ITV National News and The Daily Mail in recent months.
Artwork Sales: We’ve helped artists sell more than £10k of artwork through the platform, with some artists selling more than 50 artworks each – saving them and their buyers £100s.
Built an Engaged Community of Artists and Art Lovers: We’ve developed a community with more than 600 registered users, alongside over 3,000 social media followers.
Strong Advisory Network: Our advisor and mentor network comprise art world experts and seasoned entrepreneurs; from tech founders with multiple exit experiences to artists who have exhibited around the world with leading galleries.
*Based on unaudited management accounts
Monetisation strategy
Artist Subscriptions: Artists can currently subscribe to access our full suite of business management tools for £69.99/year. As we introduce more features we will tier our memberships – we’ve already had successful paid trials up to £250+/year.
Buyer Protection Fees: We plan to launch the Vinted-style Buyer Protection Fee (3-5% charged to buyer) to increase consumer trust and generate revenue while staying true to our founding mission of not charging artists commission.
Education: Working with artist mentors to provide educative material to our community. We’ve already run workshops and see this falling within new tiered options, as well as one-off payments for events or resources.
Affiliate Marketing: We’ve had trials with companies such as eFrame, the UK’s leading framing website, taking a referral fee on sales directed from Cosimo.
Corporate Partnerships: We see the opportunity to work with corporates by connecting them with artists and commissioning projects as part of their CSR strategy.
Use of proceeds
Team (44%): We believe that the people behind the product are as important as the product itself. We’ve established a strong core team, whose early objectives will be to market, onboard, and support a growing number of artists in the months following the raise.
Marketing (21%): We’ve so far grown our audience largely organically. Our initial tests have provided the data and insight we need to quickly expand this through paid social media advertising and direct sales. We will also continue to expand our efforts in offline channels as well, hosting and attending events, pop-ups, and art fairs.
Tech (22%): We are confident that the platform is ready to go to market. In the next 12 months, the main aims will be to improve the UI & UX and to begin implementing some of the features in our product pipeline – such as building an app, adding artist/buyer matchmaking, and further business management tools.
Other (13%): Administrative costs such as legal fees, platform fees, and accounting.
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