Tonic.xyz, a leading gallery offering highly curated art on the blockchain, has raised $5 million in a seed funding round co-led by Patron.xyz, an early-stage VC firm, and TTCER.
The San Francisco-based venture studio Heretic Ventures, founded by serial entrepreneur Mariam Naficy and backed by industry-leading investors and entrepreneurs, is responsible for the creation of Tonic.xyz, which reimagines the art collectors’ experience and extends access to blockchain art beyond crypto-native consumers.
The platform provides a safe space for consumers to learn about and collect generative fine art that bridges the digital and physical worlds, Heretic told AlexaBlockchain.
Its first three fine art auctions sold out, generating a total of over $4.2 million in both primary and secondary GMV sales in less than three months.
Tonic.xyz’s recent release, Strands of Solitude, from renowned, Parisian generative artist and coder William Mapan, is the second-largest release of the year across the entire generative art market.
Heretic Ventures de-risks venture builds, shortens the time to market, and increases the likelihood of success through a rigorous studio ideation and validation method, well-curated and highly vetted founding teams, and a powerful shared venture platform.
The studio brings venture building, business strategy, and creator experience from companies such as Marvel Entertainment, The Boston Consulting Group, IDEO, Syndicate, Tidal, Texas Pacific Group, Creative Artists Agency, and more.
Mariam Naficy, Managing Partner of Heretic Ventures, said, “At a time when there is an investor flight to quality, Heretic Ventures is fortunate to have the entrepreneurial experience to see around corners, identify great entrepreneurs like Susannah, and help shape the DNA of our portfolio companies to de-risk and build enduring businesses.”
Tonic.xyz appointed co-founder Susannah Maybank, the former Head of Digital at Gagosian, as Chief Executive Officer. “In Mariam, I have found someone I learn from every day, and in Heretic, a team willing to put their full force behind making my vision a success. Mariam has built an experienced, versatile, and kind entrepreneurial team at Heretic, proof of her exceptional ability to spot talent,” said Maybank.
Gerald Risk, Partner at TTCER, said, “Mariam and the team she is building at Heretic are as special as they come. It is rare to have the opportunity to partner with a high character, proven entrepreneur whom you have known for more than a decade. We jumped at the chance to invest in Heretic generally and Tonic.xyz in particular.”
Tonic.xyz’s success has been buoyed by the generative art market’s enormous potential to revolutionize the art market and attract a broader collector base.
According to Brian Cho, Co-Founder and General Partner at Patron, “The co-founders, Susannah and Mariam, bring a wealth of exceptional talent and experience to the table, having worked extensively in design, creator economy, and fine art space. The early enthusiastic support from their community has been exhilarating, as we at Patron believe the Tonic platform has the power to unite the traditional and digital art realms.”