Appleby: Vango raised its capital across three convertible note rounds
Ethan Appleby · EP 313: He's Not an Artist But Sold $5m Worth of Art in 2015 · Jun 23, 2016 · at 7:01
Ethan Appleby explains Vango's financing structure using convertible notes and KISS documents to delay valuation and governance complexities.
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“We did, we've actually done three notes at this point.”
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More from Ethan Appleby
Vango artists who upload 10 pieces have a 90% chance to sell
“So once they have 10 pieces, they're like likelihood to sell goes up to like 90 something percent. And once they hit 25 pieces uploaded, they like sort of maximize their potential to sell.”
Vango generates revenue by taking a 30% cut of every transaction
“So Van Gogh is a marketplace that connects artists and potential buyers. We make money by taking 30% of every transaction.”
Appleby: Vango has 20,000 artist signups and 5,000 active sellers
“They have an active profile. I mean, so we, I would say we have had probably something closer to on the supply side, like 20,000 artists come on, but those are active artists who are engaged in selling.”