Okay-pop fan engagement platform Modhaus attracts an $8 million collection A funding for its blockchain mannequin, Cosmo.
Modhaus, a blockchain-focused Okay-pop fan engagement platform, has raised $8 million in a collection A funding spherical led by US enterprise capital agency Sfermion. Together with Sfermion have been distinguished buyers SM Tradition Companions, Laguna Funding, Globalbrain (KDDI), and Foresight Ventures. This spherical places Modhaus’ whole fundraising to $12 million.
Aiming to tell apart itself from different leisure firms, Modhaus permits followers to immediately elevate and affect artists, versus producing content material strictly for consumption. Its Cosmo platform makes use of blockchain expertise to permit followers to buy digital photocards that double as voting tokens. With this technique, Cosmo empowers followers to actively take part in important idol group-related choices.
“Okay-pop followers possess eager insights. With their sharp eyes for expertise and trendspotting, we goal to reinforce artist worth via amplified fan involvement,” says Jaden Jung, CEO and co-founder of Modhaus.
“Superfans are rising as pivotal gamers within the music sphere. Strengthening the direct connection between followers and artists not solely elevates the fan expertise but additionally introduces a brand new degree of engagement,” provides Joseph Baek, EVP and co-founder of Modhaus.
The brand new funding will help in Modhaus’ imaginative and prescient of increasing Cosmo into “the Okay-pop equal of LinkedIn or Kickstarter,” one thing enterprise capital agency Sfermion is happy about.
“We’re thrilled to help Modhaus, a platform that has innovatively bridged the Okay-pop fandom with each tangible and digital realms via NFTs,” says Dan Patterson, basic companion at Sfermion. “(The brand new) funding signifies extra than simply monetary backing; it’s a enterprise into melding the energetic world of Okay-pop with the expansive narrative of the metaverse, (…) the convergence of Okay-pop’s appeal with the boundless alternatives of the immersive market.”
“Simply as media and streaming have remodeled the music business, it’s anticipated that web3 would be the subsequent sport changer for the music business,” concludes Simon Kim, CEO and managing companion at co-investor Hashed. “Modhaus is predicted to develop into successful story within the leisure business by successfully adopting blockchain expertise.”
Okay-pop teams that Modhaus has cited as success tales utilizing its platform embody tripleS, and former members of Loona who’ve fashioned the brand new group ARTMS, in addition to the solo careers of the person members.