BLOCKCHAIN ART FOR BOTH WEB3 GUESTS AND NEWCOMERS
Tonic.xyz rockets to 4.2 million dollars total gross merchandise value of less than 3 months
SAN FRANCISCO, 13 April 2023 /PRNewswire/ — Heretical Ventures, the San Francisco-based venture studio launched by serial entrepreneurs Mariam Naficy and backed by industry-leading investors and entrepreneurs including Reid HoffmanEv Williams, Chris Dixon, Jeremy Stoppelman, April Underwoodand others, it announces Tonic.xyza leading gallery offering highly curated art on the blockchain has departed 5 million dollars in a seed funding round led by Cartridge.xyz and TTCER.
Heretic is founding companies at the intersection of culture, commerce and creators, with a focus on using disruptive technology to achieve widespread adoption and lasting competitive advantage. The studio reduces venture building risk, shortens time to market, and increases the likelihood of success through a rigorous studio ideation and validation methodology, well-curated and well-thought-out founding teams, and a powerful shared venture platform.
Heretic is founded and led by Mariam Naficya veteran entrepreneur with a perfect track record in founding and scaling money-making companies – Eve.com (1999), which sold for 110 million dollars one year after launch, and Embossed (2007), a private, profitable company that generates several hundred million dollars in annual revenue. Naficy brings its track record in commerce, marketplace, community and content experience to the fund – but most importantly, the knowledge of how to test, select and launch early-stage ideas and how to recruit early-career talent with strong entrepreneurial potential. .
“Mariam and the team she is building at Heretic are as special as they come,” says Gerald Risk, Partner in TTCER. “It’s rare to have the opportunity to partner with a proven entrepreneur that you’ve known for more than a decade. We jumped at the chance to invest in Heretic in general and Tonic.xyz in particular.”
Tonic.xyz, a heretical venture, reimagines the art collector experience and expands access to blockchain art beyond crypto-native consumers. The platform provides a safe space for consumers to learn about and collect generative art that bridges the digital and physical worlds. The first three art auctions sold out, generating a total of over 4.2 million dollars in both primary and secondary GMV sales in less than three months. The recent release, Strings of lonelinessfrom renowned Parisian generative artist and coder William Mapan, is the year’s second largest release across the entire generative art market. Tonic.xyz appointed co-founder Susannah Maybankformer digital manager at Gagosian, as CEO.
“Generative art, an innovative medium that emerges from the intersection of crypto and AI, has enormous potential to revolutionize the art market and attract a wider collector base,” says Brian Cho, co-founder and General Partner of Patron. “The co-founders, Susannah and Mariam, bring a wealth of exceptional talent and experience to the table, having worked extensively in the design, creative economy and art spaces. The early enthusiastic support from their community has been exciting, as we at Patron believe that the Tonic platform has the power to unite the traditional and digital realms of art.”
Risk adds: “From my point of view first as an entrepreneur, then as an investor, and more recently as a lecturer at Stanford’s business school, I have seen many great talents. Even among this remarkable comparison group, Susannah stands out.”
As part of their 0-to-1 development process, Heretic Ventures utilizes a deep network of advisors and experts across industries and technologies. Heretic Ventures is currently working to incubate AI-based businesses, with renowned engineer and entrepreneur Pasha Sadri (Polyvore, Whatsapp) as an advisor. Renowned generative artist and creative coder Emily Xie advises the studio as creator, technologist and web3 expert.
“Between access to talent and big changes in enabling technology like AI, we’re in possibly the best moment I’ve seen in my career to launch new disruptive businesses,” said Mariam Naficy, managing partner of Heretic. “At a time when there is an investor flight to quality, Heretic Ventures is fortunate to have the entrepreneurial experience to look around corners, identify great entrepreneurs like Susannah, and help shape the DNA of our portfolio companies to reduce risk and build lasting businesses. I proud that we are able to revolutionize the art collecting experience with Tonic, and I look forward to continuing to bring ground-breaking businesses to life with the talented Heretic team.”
“In Mariam, I have found someone I learn from every day, and in Heretic, a team that is willing to put its full force behind making my vision a success. Mariam has built an experienced, versatile and friendly entrepreneurial team at Heretic, evidence of her exceptional ability to spot talent,” said Susannah MaybankCEO of Tonic.xyz.
The Heretic team brings venture building, business strategy and creative experience from companies such as Marvel Entertainment, The Boston Consulting Group, IDEO, Syndicate, Tidal, Texas Pacific Group, Creative Artists Agency and more.
Feel free to visit to learn more. For media and interview requests, please contact Skai Blue Media at [email protected].
ON heretical ventures
Backed by investors and founders who are household names, Heretic is one San Francisco-based venture studio that brings together capital and talent to establish, incubate and fund culture-defining commerce and creative businesses that achieve widespread adoption and lasting competitive advantage. For more information on Heretic, visit .
ABOUT MARIAM NAFICY
Mariam Naficy is a veteran entrepreneur with an impeccable record of founding and scaling successful companies – Eve.com (1999), the world’s first online cosmetics retailer, which sold for 110 million dollars one year after launch, and Embossed (2007), a private, profitable company that generates several hundred million dollars in annual revenue. Before founding Minted, Naficy led Product Management at Movielink, an early movie download service. Naficy is on the board of Minted, Medium, Victoria’s Secret and Every Mother Counts. She is a trustee of Williams College and member of the Advisory Council for Stanford’s Graduate School of Business.
ABOUT TTCER
TTCER is an investment partnership formed to support entrepreneurs who buy and build lasting businesses. We have a core focus on search funds, but we actively support other start-ups and talented entrepreneurs of all types. In our investment approach, we prioritize learning, collaboration and adaptation, and we work hard to help our partners reach their full potential. We invest our own capital, which allows us to have a decade-long time horizon when working with like-minded CEOs and partners. Our investment team is led by Will Thorndike, Gerald Riskand Sarah Rosenthal. Our additional partners are Bret Comolli, Jim Ellisand Kevin Taweel. The founding members of TTCER draw on years of collaboration in building Asurion, a search-acquired company that has grown into a global provider of technology care services, as well as advising dozens of other growing recurring revenue businesses. We are educators, business builders and investors, whose combined experience and shared vision give us a unique and powerful foundation to support the entrepreneurs with whom we partner.
ABOUT CARTRIDGE
Patron, an early-stage venture firm, invests in the next generation of startups, drawing on its extensive experience in the interactive space. The investment thesis suggests that gaming has evolved beyond entertainment, with 3B+ users globally and companies like Roblox and Discord dominating the time and mindshare of the next wave of internet users. The firm raised its debut fund of 90 million dollars in 2021, anchored by top institutions, with notable individual limited partners (LPs) who Marc Andreessen, Fred Wilsonand Chris Dixon. For more, visit
SOURCE Heretics
