In a bold step toward globalising African art, Raknida, an art-tech platform, has received a $100,000 grant from the Arch Grants program in St. Louis, USA. This significant milestone supports the company’s vision of introducing art streaming to the world, a concept that allows people to experience art as seamlessly as they stream music or movies.
Founded by Anthony “Anth” Ezeokoye and Afoma “Oma” Ezeokoye, Raknida aims to make art accessible to everyone, offering underrepresented artists an opportunity to showcase their work on a global stage. The founders acknowledged that launching such a platform in Africa, particularly in Nigeria, posed challenges due to economic constraints. This prompted their strategy to start with markets where art has a thriving presence and an audience with disposable income.
A New Chapter Begins in St. Louis
Raknida’s grant win came after competing against 574 startups, making it one of only 20 businesses to secure funding this year. Notably, it is the only non-US startup to achieve this feat, further cementing its position as a trailblazer in the art-tech space.
“This was a tough competition,” shared Anth, reflecting on their journey. While they narrowly missed out in 2023, the team’s persistence paid off this year, earning them not just the grant but also the prestigious Entrepreneurship Excellence Award.
As part of the grant requirements, Raknida will shift 51% of its operations to St. Louis. This move marks the first step in their ambitious expansion plans, which include the UK and China, two of the world’s largest art markets alongside the US. Together, these three regions accounted for 80% of global art sales in 2023, according to Statista.
The US, which holds the lion’s share at 42%, is a particularly attractive market for Raknida’s unique offering. Strategic partnerships are already underway, with the company aligning itself with local art galleries and institutions such as the St. Louis Art Museum, known for its African art exhibitions.
Redefining the Art Experience
At the core of Raknida’s mission is the belief that art should not be confined to the elite. Anth described their platform as “Spotify for art,” envisioning a world where anyone can enjoy art in a digital format. The platform seeks to disrupt the centuries-old, $27 billion art market, which has traditionally been dominated by the ultra-wealthy.
Raknida’s innovation also taps into the burgeoning art streaming sector, currently valued at $11 billion and projected to nearly double by 2032. Despite its nascent stage, the sector presents a promising opportunity for Raknida to carve out a unique space, blending technology and creativity.
“There are underrepresented artists everywhere,” said Anth. “What we’re building isn’t confined to a region. We’re creating a global platform that brings diverse art to audiences worldwide.”
To An Unknown Future
While the $100,000 grant is a promising start, Raknida faces the challenge of scaling its operations in a market as vast and competitive as the US. However, with a clear mission and strategic focus, the company is poised to make significant strides. Will Raknida’s innovative approach succeed in reshaping the art industry? Only time will tell, but their journey is one to watch.
