- Generated over $140K in revenue in 2019, representing a growth rate of over 100% from 2018 (unaudited)
- User base of over 3,000 artists and captured thousands of digital art images with rights and metadata
- Formed a strategic relationship with Sotheby’s Institute and executed a licensing agreement with Meural
- Founder and CEO is an adjunct professor at Columbia Business School and Consulting Program Director at Sotheby’s Institute, as well as an experienced start-up and turnaround executive
- Columbia Alumni Virtual Accelerator portfolio company
- Total Amount Raised: US $29,000
- Total Round Size: US $1,000,000
- Pre-Seed :
- Minimum Investment: US $500 per investor
- : Crowd Note
- Side by Side Offering
- : US $5,000,000 Final
- Valuation Cap Schedule: See Full Schedule
Historically, the market for contemporary art is controlled by just a few gatekeepers (auction houses and blue-chip galleries) who use exclusivity and secrecy to control access and pricing. Because of this gallery system (favoring large galleries) and the disappearance of thousands of small galleries, there are fewer opportunities for artists. Most artists (70%+) earn less than $10k per year from art. This system effectively locks out most up-and-coming artists and therefore disadvantages new consumers.
By fixing the core problems in the industry, SeeMe drives growth and customer satisfaction. SeeMe has grown from 3 to 6 events a year and from around 200 new artist submissions to over 500. This trend is accelerating with the push towards digital resulting from COVID-19.
SeeMe uses a competitive, open-call exhibition process aligned with major (virtual and in person) art fairs and exhibitions to democratize access. Using a combination of technology (AI and predictive analytics), SeeMe has built a rigorous process that results in a leading marketplace for new artists to become discovered and consumers to find art that they love. Some of the most highly rated artists and their work end up on the SeeMe Gallery, a digital discovery engine for art.
We believe SeeMe's process and product is a superior way to discover artistic talent, benefitting both ambitious artists and discerning collectors. For artists, we help them gain recognition, feedback and sell work. For art enthusiasts and collectors, we help them discover new and emerging artists and give them confidence they are buying quality work at great value.
The long-term value creation in the business model is using predictive analysis to identify the most talented artists (and their work), gain access to rights (upside value) and help support this increase through targeted marketing and promotion.
A Side by Side offering refers to a deal that is raising capital under two offering types. If you plan on investing less than US $20,000.00, you will automatically invest under the Regulation CF offering type. If you invest more than US $20,000.00, you must be an accredited investor and invest under the Regulation D offering type.
US $29,000 (under Reg CF only)
US $4,500,000 no later than Oct 9, 2020
US $5,000,000 Final
Investors who invest $50,000 or less will have their securities held in trust with a Custodian that will serve as a single shareholder of record. These investors will be subject to the Custodian’s Account Agreement, including the electronic delivery of all required information.
$500-$999 (for artist investors or can be gifted to an artist)
- 2 year membership to SeeMe including any subsequent membership products
- 15% discount on purchases
- the above plus:
- 4 year membership to SeeMe including any subsequent membership products (for artists or as a gift)
- 5% of amount invested to spend on art at SeeMe Gallery plus a one hour virtual curatorial consultation for your home from SeeMe's in-house design expert(s)
- the above plus:
- 10% of amount invested to spend on art at SeeMe Gallery plus a one hour virtual art curatorial consultation for your home from SeeMe's in-house design expert(s)
4 year membership to SeeMe including any subsequent membership products (for artists or as a gift)
- 10% of amount invested to spend on art at SeeMe Gallery plus a one hour virtual art curatorial consultation for your home from SeeMe's in-house design expert(s) and 10 VIP passes (admitting two each) to SCOPE or Frieze in NYC
4 year membership to SeeMe for up to two artists including any subsequent membership products (for artists or as a gift)
- 15% of amount invested to spend on art at SeeMe Gallery plus a one hour virtual art curatorial consultation for your home from SeeMe's in-house design expert(s) and 10 VIP passes (admitting two each) for Art Basel Miami in 2020 or 2021, including an invite to SeeMe's insider Artist Reception
4 year membership to SeeMe for up to 4 artists including any subsequent membership products (for artists or as a gift)
- 20% of amount invested to spend on art at SeeMe Gallery plus an in-person art curatorial consultation for your home from SeeMe's in-house design expert(s) (in North America) and 10 VIP passes (admitting two each) for Art Basel Miami in 2020 or 2021, including an invite to SeeMe's insider Artist Reception
- First peek access to SeeMe's Emerging Artist review
4 year membership to SeeMe for up to 6 artists including any subsequent membership products (for artists or as a gift)
- 20% of amount invested to spend on art at SeeMe Gallery plus an in-person art curatorial consultation for your home from SeeMe's in-house design expert(s) (in North America), 10 VIP passes (admitting two each) for Art Basel Miami in 2020 or 2021, and 10 VIP passes (admitting two each) for Armory Week New York 2020, 2021, or 2022, including an invite to SeeMe's insider Artist Reception
- First peek access to SeeMe's Emerging Artist review
4 year membership for up to 10 artists to SeeMe including any subsequent membership products (for artists or as a gift)
It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment.
The graph below illustrates theor the of SeeMe's prior rounds by year.
In 2019 the Global Art Market was over $65 billion and has grown at about 5% CAGR since 2010. The high end of the market is dominated a few major auction houses like Christie's and Sotheby's and a few major blue-chip galleries like Gagosian. Thousands of smaller galleries fill the gap for art priced under $50k. The fastest growing segments are original art priced <$10k from emerging artists and sold online, which is now over $6 billion. This lower end has been dominated by smaller galleries and thru art fairs. COVID has had damaging effect in part because most small galleries are poorly positioned to sell online and almost all major art fairs have been canceled. SeeMe is well positioned to fill this void because it can operate 100% virtually, has no exposure to physical real estate and is not dependent on art fairs for building awareness with collectors.
In the last 90 days Art Basel Hong Kong, Frieze NY and multiple other major fairs were canceled. During the same time frame, SeeMe created a virtual competition called ArtSavesHumanity, attracting more than 500 artists and 2,000 pieces of work. SeeMe also created a "live series" of virtual events that were simulcast across the website, Instagram and Facebook attracting between 2,000 and 10,000 viewers per episode. Both of these examples provide evidence of SeeMe's ability to act quickly, leverage technology and build relationships with artists and collectors.
Post COVID, winners in the art world will need to have a nimble physical presence, large virtual footprint and flexible cost model with high margins. Winners need digital native competency and direct relationships with artists and collectors alike. SeeMe resembles these attributes and has been building in this fashion for over two years.
The development and commercialization of the Company’s products and services are highly competitive. It faces competition with respect to any products and services that it may seek to develop or commercialize in the future. Its competitors include major companies worldwide. The online art marketplace is an emerging industry where new competitors are entering the market frequently. Many of the Company’s competitors have significantly greater financial, technical and human resources and may have superior expertise in research and development and marketing approved services and thus may be better equipped than the Company to develop and commercialize services. These competitors also compete with the Company in recruiting and retaining qualified personnel and acquiring technologies. Smaller or early stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. Accordingly, the Company’s competitors may commercialize products more rapidly or effectively than the Company is able to, which would adversely affect its competitive position, the likelihood that its services will achieve initial market acceptance and its ability to generate meaningful additional revenues from its products and services.
The Company’s expenses will significantly increase as they seek to execute their current business model. Although the Company estimates that it has enough runway until end of year, they will be ramping up cash burn to promote revenue growth, further develop R&D, and fund other Company operations after the raise. Doing so could require significant effort and expense or may not be feasible.
The Company projects aggressive growth in 2021. If these assumptions are wrong and the projections regarding market penetration are too aggressive, then the financial forecast may overstate the Company's overall viability. In addition, the forward-looking statements are only predictions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
The Company has not prepared any audited financial statements. Therefore, investors have no audited financial information regarding the Company’s capitalization or assets or liabilities on which to make investment decisions. If investors feel the information provided is insufficient, then they should not invest in the Company.
The Company’s Board does not keep meeting minutes from its board meetings. The practice of keeping board minutes is critical to maintaining good corporate governance. Minutes of meetings provide a record of corporate actions, including director and officer appointments and board consents for issuances, and can be helpful in the event of an audit or lawsuit. These recordkeeping practices can also help to reduce the risk of potential liability due to failure to observe corporate formalities, and the failure to do so could negatively impact certain processes, including but not limited to the due diligence process with potential investors or acquirers. There is no guarantee that the Company’s board will begin keeping board meeting minutes.
The Company does not have an employment contract in place with all key employees. Employment agreements typically provide protections to the Company in the event of the employee’s departure, specifically addressing who is entitled to any intellectual property created or developed by those employees in the course of their employment and covering topics such as non-competition and non-solicitation. As a result, if key employees were to leave the Company, the Company might not have any ability to prevent their direct competition, or have any legal right to intellectual property created during their employment. There is no guarantee that an employment agreement will be entered into
The outbreak of the novel coronavirus, COVID-19, has adversely impacted global commercial activity and contributed to significant declines and volatility in financial markets. The coronavirus pandemic and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate material adverse impact of the novel coronavirus. Nevertheless, the novel coronavirus presents material uncertainty and risk with respect to the Funds, their performance, and their financial results.
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue in operation for the foreseeable future. However, management has identified the following conditions and events that created an uncertainty about the ability of the Company to continue as a going concern. The Company recorded net operating losses in fiscal years 2019 & 2018 and has limited liquidity.
The following describes management's plans that are intended to mitigate the conditions and events that raise substantial doubt about the Company's ability to continue as a going concern. The Company will raise private capital to fund continuing operations and continue to optimize its operations. The Company's ability to meet its obligations as they become due is dependent upon the success of management's plans, as described above.
These conditions and events create an uncertainty about the ability of the Company to continue as a going concern through July 23, 2021 (one year after the date that the financial statements are available to be issued). The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
The Company has engaged in related party transactions. As of December 31, 2019, the Company has a total of $308,124 in loans from related parties. These are informal loans that bear no interest or repayment structure. The loans are from various equity members and members of the Company’s management team.
Start-up investing is risky. Investing in startups is very risky, highly speculative, and should not be made by anyone who cannot afford to lose their entire investment. Unlike an investment in a mature business where there is a track record of revenue and income, the success of a startup or early-stage venture often relies on the development of a new product or service that may or may not find a market. Before investing, you should carefully consider the specific risks and disclosures related to both this offering type and the company which can be found in this company profile and the documents in the data room below.
Your shares are not easily transferable. You should not plan on being able to readily transfer and/or resell your security. Currently there is no market or liquidity for these shares and the company does not have any plans to list these shares on an exchange or other secondary market. At some point the company may choose to do so, but until then you should plan to hold your investment for a significant period of time before a "liquidation event" occurs. A "liquidation event" is when the company either lists their shares on an exchange, is acquired, or goes bankrupt.
The Company may not pay dividends for the foreseeable future. Unless otherwise specified in the offering documents and subject to state law, you are not entitled to receive any dividends on your interest in the Company. Accordingly, any potential investor who anticipates the need for current dividends or income from an investment should not purchase any of the securities offered on the Site.
Valuation and capitalization. Unlike listed companies that are valued publicly through market-driven stock prices, the valuation of private companies, especially startups, is difficult to assess and you may risk overpaying for your investment. In addition, there may be additional classes of equity with rights that are superior to the class of equity being sold.
You may only receive limited disclosure. While the company must disclose certain information, since the company is at an early-stage they may only be able to provide limited information about its business plan and operations because it does not have fully developed operations or a long history. The company may also only obligated to file information periodically regarding its business, including financial statements. A publicly listed company, in contrast, is required to file annual and quarterly reports and promptly disclose certain events — through continuing disclosure that you can use to evaluate the status of your investment.
Investment in personnel. An early-stage investment is also an investment in the entrepreneur or management of the company. Being able to execute on the business plan is often an important factor in whether the business is viable and successful. You should be aware that a portion of your investment may fund the compensation of the company's employees, including its management. You should carefully review any disclosure regarding the company's use of proceeds.
Possibility of fraud. In light of the relative ease with which early-stage companies can raise funds, it may be the case that certain opportunities turn out to be money-losing fraudulent schemes. As with other investments, there is no guarantee that investments will be immune from fraud.
Lack of professional guidance. Many successful companies partially attribute their early success to the guidance of professional early-stage investors (e.g., angel investors and venture capital firms). These investors often negotiate for seats on the company's board of directors and play an important role through their resources, contacts and experience in assisting early-stage companies in executing on their business plans. An early-stage company may not have the benefit of such professional investors.
Representatives of SI Securities, LLC are affiliated with SI Advisors, LLC ("SI Advisors") Representatives of SI Securities, LLC are affiliated with SI Advisors, LLC ("SI Advisors"). SI Advisors is an exempt investment advisor that acts as the General Partner of SI Selections Fund I, L.P. ("SI Selections Fund"). SI Selections Fund is an early stage venture capital fund owned by third-party investors. From time to time, SI Selections Fund may invest in offerings made available on the SeedInvest platform, including this offering. Investments made by SI Selections Fund may be counted towards the total funds raised necessary to reach the minimum funding target as disclosed in the applicable offering materials.
Frequently Asked Questions
A Side by Side offering refers to a deal that is raising capital under two offering types. This Side by Side offering is raising under Regulation CF and Rule 506(c) of Regulation D.
The Form C is a document the company must file with the Securities and Exchange Commission (“SEC”) which includes basic information about the company and its offering and is a condition to making a Reg CF offering available to investors. It is important to note that the SEC does not review the Form C, and therefore is not recommending and/or approving any of the securities being offered.
Before making any investment decision, it is highly recommended that prospective investors review the Form C filed with the SEC (included in the company's profile) before making any investment decision.
Rule 506(c) under Regulation D is a type of offering with no limits on how much a company may raise. The company may generally solicit their offering, but the company must verify each investor’s status as an accredited investor prior to closing and accepting funds. To learn more about Rule 506(c) under Regulation D and other offering types check out our blog and academy.
Title III of the JOBS Act outlines Reg CF, a type of offering allowing private companies to raise up to $1 million from all Americans. Prior capital raising options limited private companies to raising money only from accredited investors, historically the wealthiest ~2% of Americans. Like a Kickstarter campaign, Reg CF allows companies to raise funds online from their early adopters and the crowd. However, instead of providing investors a reward such as a t-shirt or a card, investors receive securities, typically equity, in the startups they back. To learn more about Reg CF and other offering types check out our blog and academy.
When you complete your investment on SeedInvest, your money will be transferred to an escrow account where an independent escrow agent will watch over your investment until it is accepted by SeeMe. Once SeeMe accepts your investment, and certain regulatory procedures are completed, your money will be transferred from the escrow account to SeeMe in exchange for your securities. At that point, you will be a proud owner in SeeMe.
To make an investment, you will need the following information readily available:
- Personal information such as your current address and phone number
- Employment and employer information
- Net worth and income information
- Social Security Number or passport
- ABA bank routing number and checking account number (typically found on a personal check or bank statement)
If you are investing under Rule 506(c) of Regulation D, your status as an Accredited Investor will also need to be verified and you will be asked to provide documentation supporting your income, net worth, revenue, or net assets or a letter from a qualified advisor such as a Registered Investment Advisor, Registered Broker Dealer, Lawyer, or CPA.
An investor is limited in the amount that he or she may invest in a Reg CF offering during any 12-month period:
- If either the annual income or the net worth of the investor is less than $100,000, the investor is limited to the greater of $2,000 or 5% of the lesser of his or her annual income or net worth.
- If the annual income and net worth of the investor are both greater than $100,000, the investor is limited to 10% of the lesser of his or her annual income or net worth, to a maximum of $100,000.
Separately, SeeMe has set a minimum investment amount of US $500.
Accredited investors investing $20,000 or over do not have investment limits.
You are a partial owner of the company, you do own securities after all! But more importantly, companies which have raised money via Regulation CF must file information with the SEC and post it on their websites on an annual basis. Receiving regular company updates is important to keep shareholders educated and informed about the progress of the company and their investment. This annual report includes information similar to a company’s initial Reg CF filing and key information that a company will want to share with its investors to foster a dynamic and healthy relationship.
In certain circumstances a company may terminate its ongoing reporting requirement if:
- The company becomes a fully-reporting registrant with the SEC
- The company has filed at least one annual report, but has no more than 300 shareholders of record
- The company has filed at least three annual reports, and has no more than $10 million in assets
- The company or another party purchases or repurchases all the securities sold in reliance on Section 4(a)(6)
- The company ceases to do business
However, regardless of whether a company has terminated its ongoing reporting requirement per SEC rules, SeedInvest works with all companies on its platform to ensure that investors are provided quarterly updates. These quarterly reports will include information such as: (i) quarterly net sales, (ii) quarterly change in cash and cash on hand, (iii) material updates on the business, (iv) fundraising updates (any plans for next round, current round status, etc.), and (v) any notable press and news.
Currently there is no market or liquidity for these securities. Right now SeeMe does not plan to list these securities on a national exchange or another secondary market. At some point SeeMe may choose to do so, but until then you should plan to hold your investment for a significant period of time before a “liquidation event” occurs. A “liquidation event” is when SeeMe either lists their securities on an exchange, is acquired, or goes bankrupt.
You can return to SeedInvest at any time to view your portfolio of investments and obtain a summary statement. If invested under Regulation CF you may also receive periodic updates from the company about their business, in addition to monthly account statements.
This is SeeMe's fundraising profile page, where you can find information that may be helpful for you to make an investment decision in their company. The information on this page includes the company overview, team bios, and the risks and disclosures related to this investment opportunity. If the company runs a side by side offering that includes an offering under Regulation CF, you may also find a copy of the SeeMe's Form C. The Form C includes important details about SeeMe's fundraise that you should review before investing.
For offerings made under Regulation CF, you may cancel your investment at any time up to 48 hours before a closing occurs or an earlier date set by the company. You will be sent a reminder notification approximately five days before the closing or set date giving you an opportunity to cancel your investment if you had not already done so. Once a closing occurs, and if you have not canceled your investment, you will receive an email notifying you that your securities have been issued. If you have already funded your investment, your funds will be promptly refunded to you upon cancellation. To cancel your investment, you may go to your account's portfolio page by clicking your profile icon in the top right corner.
If you invest under any other offering type, you may cancel your investment at any time, for any reason until a closing occurs. You will receive an email when the closing occurs and your securities have been issued. If you have already funded your investment and your funds are in escrow, your funds will be promptly refunded to you upon cancellation. To cancel your investment, please go to your account's portfolio page by clicking your profile icon in the top right corner.