AN online art dealership has secured £250,000 funding to commission artwork from some of Britain's most exciting artists.

Whiteground secured the financial backing from Evolve Finance, a division of regional fund management company NEL.

The Newcastle company began trading five years ago.

During the past 12 months, it has grown by more than 150 per cent and is expecting to achieve a turnover of £2.5m.

Whiteground will use the Evolve financing to approach leading artists, including Damian Hirst, Marc Quinn and Helmut Newton, making leading contemporary artwork available for the public to buy.

Don Smith, Whiteground chief executive officer, said: "Evolve's backing will enable us to commission such pieces and will not only have a positive impact on our business, but also on the wider art world.

"Until relatively recently, the idea of headquartering an online art business in the North-East would have been unthinkable, but the cultural climate here has changed radically.

"Local demand for our works is growing rapidly and we are certain that the North-East provides the kind of vibrant, exciting location that is crucial to our future success."

The company sells art mainly on its websites www.eyestorm.com and www.britart.com.

It also has galleries in New York, London and Leeds.

Steve Garbutt, of Evolve Finance, said: "The continuing surge of public interest in owning original pieces of art, allied to Whiteground's successful track record and well-defined plans for future growth, convinced us that this was an excellent investment opportunity."

Tait Walker acted as corporate finance advisor to Whiteground.