VIP has announced three new online fairs – VIP Photo, Paper and Vernissage – to take place later this year following the flagship VIP 2.0 fair which runs from 3 – 8 February. The new fairs will allow VIP to “showcase a wider range of works at a variety of price points” and “help the VIP brand solidify its position as the leader in online art sales,” VIP CEO Lisa Kennedy said in a statement.

The new platforms have been financed by a $1m injection from a pair of art collectors: Brazilian Selmo Nissenbaum, partner in Personale Investimentos, and Australian Philip Keir, media and arts specialist and founder of NextMedia.

Given the technical glitches that dogged the inaugural edition of VIP the move to expand the franchise seems surprising, but co-founder Jane Cohan says one impetus for seeking backers was to allow them to re-architect their site and build a new tech team which includes internet retail specialist Kennedy and former artnet sales director Liz Parks. “The space for the contemporary art online is only just beginning to take shape,” says Cohen. “The impetus to further develop the event, its capacity and its reach is ongoing.”