Randi Zuckerberg’s Hug nets $5m to democratize access to art

Hug co-founder and CEO Randi Zuckerberg/ Photo credit: Hug

NFTs are expected to become a US$211 billion market by 2030. While digital ownership via NFTs has made art more accessible, there are several creators who still struggle within the crypto world.

To democratize the access to art, Randi Zuckerberg, the creator of Facebook Live, founded Hug in 2022. She was later joined by Singaporean investor and entrepreneur Debbie Soon as co-founder and chief growth officer.

An Etsy meets Facebook platform for artists, Hug is a social marketplace for artists to sell digital and physical goods.

“We make it easier for emerging and indie artists to get discovered by both current and prospective collectors, whether they be crypto curious or crypto native,” Soon told Tech in Asia. There are over 7,000 “huggers” already onboard, according to the company.

The firm has just raised US$5 million in seed money to disrupt the art industry. The round was led by Web3 investment fund Digital, with the participation of other investors that include OKX Ventures, the investment arm of crypto exchange OKX.

Funding details

• Funding amount: $5,000,000
• Lead investor: Digital
• Other investors: OKX Ventures, Jae Holdings, Venrex Investment Management, Cryptology, Business Opportunities for L’Oréal Development (BOLD)
• Stage: Seed
• Source

Artists have customizable profiles on Hug that serve as a visual bio. They can also get reviews from collectors and accept commission requests directly. Soon, artists will be able to post and share updates directly to collectors.

On the other hand, collectors of NFTs are rewarded with Hug points that are exchangeable for rewards when they vote on artists they wish to see on the platform. They will also get points when they engage directly with creators.

Hug will be rolling out its first capsule collection featuring both digital and physical goods with artist Amber Vittoria, who has collaborated with brands such as Casetify, H&M, and Samsung, according to Soon.

In November 2022, Hug had consolidated with Web3 membership community Meta Angels. “Decentralization doesn’t have to mean fragmentation,” said Soon, adding that the firm will continue to explore opportunities for similar deals.

See also: Meet Singapore’s pioneering NFT creators

More details