Modhaus, a K-pop platform embracing blockchain for lover engagement, has effectively raised over $8 million in a Collection A funding spherical.
The expense was led by Sfermion, a U.S. venture money firm with abilities in metaverse and Web3 systems. Becoming a member of Sfermion were being well known buyers these types of as SM Tradition Associates, Laguna Financial commitment, Globalbrain (KDDI), and Foresight Ventures.
This latest round pushes Modhaus’ full fundraising to $12 million. Earlier supporters include things like UNOPND, a enterprise division of Net3 VC Hashed, Naver D2SF, CJ Investment decision and Futureplay.
The firm aims to distinguish itself from common amusement companies by enabling fans to directly affect and elevate artists, alternatively than exclusively developing articles for passive consumption.
Its Cosmo platform permits fans to invest in electronic photocards, which double up as voting tokens. These are backed by blockchain technology, which makes certain transparent voting, as just about every token utilised leaves a distinct record on the blockchain.
It cites the trajectory of idol team tripleS as an case in point of results via the system. The band released 5 albums, bought 170,000 copies and acquired a nomination for “Best New Woman Artist” at the 2023 MAMA Awards.
Cosmo empowers supporters to actively participate in considerable decisions relevant to idol group functions. Members from a further group Loona — Haseul, Heejin, Kim Lip, Jinsol, and Chuu — have not too long ago appear aboard below the banner ARTMS. Just after revealing the trio device “Odd Eye Circle,” which was a sub-unit inside Loona, they are gearing up for the group’s debut in the initially 50 % of 2024, following the solo functions of customers “Haseul” and “Heejin.”
On top of that, important selections in the group’s routines, this sort of as group photograph shoot destinations, the release of an English variation of the electronic solitary album, and fandom name, have been produced by means of fans’ votes.
“K-pop lovers possess keen insights. With their sharp eyes for expertise and trendspotting, we goal to boost artist benefit by amplified enthusiast involvement,” said Jaden Jung, CEO and co-founder of Modhaus.
“Superfans are rising as pivotal players in the songs sphere. Strengthening the immediate link involving fans and artists not only elevates the supporter experience but also introduces a new amount of engagement,” said Joseph Baek, EVP and co-founder of Modhaus.
Modhaus plans to extend Cosmo into a K-pop equal of LinkedIn or Kickstarter. The new funding will assist the enlargement.
“We are thrilled to support Modhaus, a system that has innovatively bridged the K-pop fandom with each tangible and electronic realms as a result of NFTs. [The new] investment decision signifies more than just financial backing it’s a undertaking into melding the energetic environment of K-pop with the expansive narrative of the metaverse. We […] take a look at the convergence of Kpop’s appeal with the boundless alternatives of the immersive world-wide-web,” mentioned Dan Patterson, typical spouse at Sfermion.
“Just as media and streaming have reworked the songs sector, it is expected that world wide web3 will be the upcoming sport changer for the audio business. Modhaus is predicted to come to be a accomplishment story in the enjoyment industry by successfully adopting blockchain technological innovation,” stated Simon Kim, CEO and handling husband or wife at co-investor Hashed.