anotherblock, a web3 platform that lets fans invest in music by buying NFTs, has raised $2.5m (24m SEK) in a new round of funding.
The round was led by Inventure, a Nordic Venture Capital firm, and was joined by Centrifuge.io founder Maex Ament, Dune.xyz’s Fredrik Haga and Blockchain research and investment company StableNode.
anotherblock joins other startups operating in the fractional music investment space like, Royal.
Royal, founded by Justin Blau, raised $55 million in November and has released NFT projects from the likes of Nas, Diplo and most recently the Chainsmokers.
anotherblock says that this latest round saw participation “from producers and artists”, including Grammy-winning producer DannyBoyStyles, as well as labels and publishers who participated in the startup’s previous round.
anotherblock raised $1.2m in pre-seed Funding in January.
anotherblock was founded in 2021 by entrepreneurs Michel D. Traore, Sebastian Ljungberg and Filip Strömsten.
On the company’s website, it states that “Investing in music should be easy” and that, “by connecting music rights to NFTs, we create a smooth and secure way of buying and selling music rights”.
The platform plans to offer its first NFTs later this year.
“In this market, we see this as a highly encouraging sign we’re offering real value to the music business.”
Michel D. Traore, anotherblock
Michel D. Traore, CEO and Co-founder of anotherblock, said: “We’re thrilled at the range and enthusiasm of the support we’re receiving from investors.
“In this market, we see this as a highly encouraging sign we’re offering real value to the music business.”
“Out of all the solutions in the music ownership and NFT space, anotherblock was the first one where the NFTs have real underlying value and utility for holders.”
Lauri Kokkila, Inventure
Lauri Kokkila, Partner at Inventure, said: “Out of all the solutions in the music ownership and NFT space, anotherblock was the first one where the NFTs have real underlying value and utility for holders.
“Their team and pipeline of drops blew our mind– we believe anotherblock is truly democratizing the ownership of music for everyone.”
“I see an investment in anotherblock as an investment in another future, where power is back in the hands of creators.”
DannyBoyStyles
DannyBoyStyles said: “anotherblock is shaping up to be an incredible partner to producers like me, professionals looking for new, empowering ways to support their creativity and build sustainable careers.
“I see an investment in anotherblock as an investment in another future, where power is back in the hands of creators.”Music Business Worldwide
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