Web3 music platform Public Pressure has raised USD $6 million in its new round of funding led by digital asset manager Scytale, which invests in blockchain solutions.
The funding round also attracted commitments from Ethereum & Polkadot founder Gavin Wood, Energy Web founder Ed Hesse, and other venture companies such as Matterblock and HV Capital, according to a Monday (December 12) release. Wood is among the early investors in Public Pressure.
The investment comes fresh on the heels of Public Pressure’s announcement that its first music and gaming NFT project raked in $2 million within days of its release. The project was launched in partnership with decentralized autonomous organization (DAO) Moonsama, introducing music as a gaming utility for the first time inside the Moonsama gaming metaverse.
Public Pressure’s Web3 platform is built on what it says is the “eco-friendly blockchain” Polkadot, the brainchild of Ethereum founder and Public Pressure investor, Gavin Wood.
Polkadot was designed to support the transition of music to Web3, Public Pressure says.
Scytale, a digital asset manager, focuses on blockchain solutions. It claims to be an early adopter in blockchain with its Horizon Fund I launched in 2017.
The company closed its Horizon Fund II in early 2022. The firm says it has so far invested in 14 projects spanning gaming, music, legaltech, security, as well as blockchain and metaverse infrastructure, among others.
Public Pressure, originally launched in 2015 as an online community and magazine, rebranded as a Web3 platform earlier this year.
It has since initiated partnerships and campaigns with firms like Moonsama and with major fashion brands including Diesel, which focused on promoting under-represented musicians, artists, and their innovative genres.
London-headquartered Public Pressure has offices and team members in Europe, Hong Kong and the United States.
“This new investment led by Scytale gives us not only access to funding, which will allow us to continue to grow our offering, but also to Mark Cachia and his team’s expertise and insights into this exciting new market.”
Sergio Mottola, Public Pressure
“Web3 is about creating a fairer internet where the user owns their data and identity,” said Public Pressure founder Sergio Mottola.
“For us, it is about creating a more equitable music industry where artists control the relationship with their fans and oversee the distribution of their products.
“This new investment led by Scytale gives us not only access to funding, which will allow us to continue to grow our offering, but also to Mark Cachia and his team’s expertise and insights into this exciting new market.”
“We believe that music and artists will be one of the industries that will most benefit from Web3.”
Mark Cachia, Scytale
Commenting on the investment, Scytale founder and CIO Mark Cachia, added: “We believe that music and artists will be one of the industries that will most benefit from Web3.
“Public Pressure is the first music project on Polkadot and this kind of forward thinking gives us confidence that the team at Public Pressure are best placed to execute a win-win strategy for artists and also investors.”Music Business Worldwide