The funding was led by Sfermion, a U.S. enterprise capital agency with experience in metaverse and Web3 applied sciences. Becoming a member of Sfermion have been distinguished buyers resembling SM Tradition Companions, Laguna Funding, Globalbrain (KDDI), and Foresight Ventures.
This newest spherical pushes Modhaus’ complete fundraising to $12 million. Previous supporters embrace UNOPND, a enterprise division of Web3 VC Hashed, Naver D2SF, CJ Funding and Futureplay.
The corporate goals to differentiate itself from conventional leisure firms by enabling followers to immediately affect and elevate artists, quite than solely producing content material for passive consumption.
Its Cosmo platform permits followers to buy digital photocards, which double up as voting tokens. These are backed by blockchain know-how, which ensures clear voting, as each token used leaves a transparent report on the blockchain.
It cites the trajectory of idol group tripleS for example of success through the platform. The band launched 5 albums, bought 170,000 copies and earned a nomination for “Greatest New Feminine Artist” on the 2023 MAMA Awards.
Cosmo empowers followers to actively take part in important selections associated to idol group operations. Members from one other group Loona — Haseul, Heejin, Kim Lip, Jinsol, and Choerry — have just lately come aboard below the banner ARTMS. After revealing the trio unit “Odd Eye Circle,” which was a sub-unit inside Loona, they’re gearing up for the group’s debut within the first half of 2024, following the solo actions of members “Haseul” and “Heejin.”
Moreover, key selections within the group’s actions, resembling group picture shoot places, the discharge of an English model of the digital single album, and fandom identify, have been made by followers’ votes.
“Okay-pop followers possess eager insights. With their sharp eyes for expertise and trendspotting, we purpose to reinforce artist worth by amplified fan involvement,” mentioned 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 in addition introduces a brand new stage of engagement,” mentioned Joseph Baek, EVP and co-founder of Modhaus.
Modhaus plans to increase Cosmo right into a Okay-pop equal of LinkedIn or Kickstarter. The brand new funding will assist the growth.
“We’re thrilled to assist Modhaus, a platform that has innovatively bridged the Okay-pop fandom with each tangible and digital realms by NFTs. [The 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. We […] discover the convergence of Kpop’s appeal with the boundless alternatives of the immersive web,” mentioned Dan Patterson, normal companion at Sfermion.
“Simply as media and streaming have reworked the music business, it’s anticipated that web3 would be the subsequent recreation changer for the music business. Modhaus is anticipated to develop into successful story within the leisure business by successfully adopting blockchain know-how,” acknowledged Simon Kim, CEO and managing companion at co-investor Hashed.