Business news from Ukraine

UKRAINIAN DEVELOPERS IN TALKS TO RAISE $2 MLN IN INVESTMENT IN ART AUCTION AND SOCIAL MEDIA PLATFORM

28 January , 2016  

KYIV. Jan 28 (Interfax-Ukraine) – Ukrainian developers have launched an ODA (One Day Auction) mobile application for iOS, which allows users to sell, bid and buy artworks from all over the world, and are now in talks to raise $2 million for this project, ODA said in a press release.

The application works with all types of mobile platforms, including Web. It is free for all users. The initial investment in the project was $200,000.

“Now we are holding talks with large world companies, which are very interested in further investment of $2 million in our product,” the press release quoted CEO and Founder at ODA Inc. Olha Nikitova as saying.

ODA is a combination of Instagram-like features and popular platforms for sales of artworks online – Paddle8, ArtNet, Artsy, Saatchi Online, but it also offers social networking features, the press release said.

ODA’s content is updated on a daily basis. Besides its main function as a platform for online auctions, the ODA app is also a great application to discover art world and connect with another artlovers.

The bid span on ODA is from $50 to $10,000.

“In the next six or 12 months, we will expand the range of any collectibles – starting from pieces of decorative and applied arts and paintings and ending with rare automobiles and collections of fine and rare vintage wines,” ODA Frontend Developer Vlad Yanchevsky said.