Seoul-based Modhaus, an entertainment agency using blockchain for fan engagement, has raised US$8 million in its series A funding round led by US-based investment firm Sfermion.
The new round pushes the company’s total funds raised to US$12 million.
Funding details
- Funding amount: US$8,000,000
- Lead investor: Sfermion
- Other investors: SM Culture Partners (SM컬처파트너스), Laguna Investment (라구나인베스트먼트), KDDI Open Innovation Fund III, Foresight Ventures
- Stage: Series A
- Source
Founded in December 2021, Modhaus operates a blockchain platform called Cosmo, which helps fans participate in the decision-making processes of their favorite idol groups.
Modhaus sees Cosmo as the “K-pop Linkedin” where fans can connect with artists and collect NFT-format photocards, which also serve as utility tokens. These tokens allow fans to vote for their preferred title tracks and album jacket photoshoot locations, among others.
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Jaden Jeong, CEO and co-founder of Modhaus, said directly involving fans can prove beneficial as they can help with spotting new trends and eyeing new talent. One of the K-pop groups on Cosmo includes tripleS, which has launched five albums and sold over 170,000 copies in total.
Last year, Modhaus partnered with metaverse platform The Sandbox to create a social hub with metaverse-hosted events to increase tripleS’ fan engagement.
See also: Why are Sega, Bandai, Square Enix backing this blockchain?
More details
Modhaus (모드하우스)→ | ||
| Stage | Amount (US$) | Investors |
| Pre-series A | Undisclosed | FuturePlay, D2 Startup Factory (D2SF), CJ Investment (Timewise Investment) |
| Series A | 8 million | Foresight Ventures, KDDI Open Innovation Fund III, Laguna Investment (라구나인베스트먼트), Sfermion, SM Culture Partners (SM컬처파트너스) |
| Total | 8 million | |