<p>Modhaus, a South Korean Web3 startup focused on blockchain-driven K-pop promotion, recently announced that it has raised $8 million in Series A funding, according to <a href="https://www.mk.co.kr/news/it/10874315" rel="noopener noreferrer nofollow">a report</a> by local news outlet Maeil Business Newspaper. This latest funding round brings the company’s total investment to over $12 million.</p><h2 id="header-0">Key investors</h2><p>This Series A funding was led by Sfermion, a Chicago-based venture capital firm focused on non-fungible tokens and the immersive internet. The investment round also saw participation from various investors, including SM Culture Partners, Laguna Investment, the KDDI Open Innovation Fund, Foresight Ventures, Reflexive Capital, NFT song collector Cooper Turley, Quantstamp CEO Richard Ma and Playco CEO Michael Carter.</p><p>Modhaus had previously attracted investment from other players in earlier funding rounds. These included UNOPND, a venture division of Web3 venture capital firm Hashed; Naver D2SF; CJ Investment and Futureplay.</p><h2 id="header-1">Digital photo cards and tokens</h2><p>Doubling as an entertainment agency, Modhaus operates Cosmo, an app that empowers fans to play a role in their favorite artists’ operations. Through Cosmo, fans can purchase digital photo cards, earning tokens in return. These tokens then allow fans to vote on various aspects of their artists’ activities. The use of blockchain technology ensures that all votes are transparently and securely recorded, boosting the fan-artist relationship.</p><p>Sfermion’s general partner, Dan Patterson, expressed enthusiasm about their investment in Modhaus, <a href="https://variety.com/2023/music/news/modhaus-cosmos-k-pop-fan-platform-investment-1235789039/" rel="noopener noreferrer nofollow">explaining</a> that it “has innovatively bridged the K-pop fandom with both tangible and digital realms through NFTs. [The new] investment signifies more than just financial backing; it’s a venture into melding the energetic world of K-pop with the expansive narrative of the metaverse.”</p><p>Jaden Jung, CEO of Modhaus, said, “K-pop fans possess keen insights. With their sharp eyes for talent and trendspotting, we aim to enhance artist value through amplified fan involvement.” He emphasized the crucial role of fan engagement in the entertainment industry, pointing out that Modhaus is dedicated to elevating this aspect to new heights. He referred to the achievement of girl group TripleS, which has garnered 1.74 million subscribers on YouTube since its debut in February of this year, as an example of what they envision for Cosmo. He suggested that Cosmo has the potential to evolve into a platform akin to LinkedIn or Kickstarter within the K-pop sector, aiming to maximize the value and reach of artists.</p><h2 id="header-2">Deepening artist-fan connections</h2><p>Modhaus seeks to use the funds raised from this recent investment round to advance its Cosmo platform. This improvement aims to deepen the connections between fans and artists, providing fans with more opportunities to actively engage with and contribute to their favorite idol groups.</p><p>At the helm of Modhaus are co-founders Jaden Jung and Kwanghyun Joseph Baek. Jung brings over two decades of experience as a producer at JYP Entertainment and Woollim Entertainment. Baek, on the other hand, has a background as the Chief Operating Officer at Playlist Originals, a digital content studio, and as a consultant at Bain &amp; Company.</p><p>Their team also includes Chief Product Officer Park Jae-hyun, formerly Product Owner at Viva Republica, the fintech company behind the internet-only bank Toss. Chief Creative Officer Kim Jong-soo has a history in the music industry as well, having produced girl groups like Dreamcatcher and Dal Shabet. Chief Business Officer Lee Gyu-hwa comes from MyMusicTaste, a K-Pop platform, while Chief Financial Officer Yang Ji-eun brings her experience from venture capital firm NCORE Ventures.</p>

Modhaus attracts $8M in advancing blockchain-based K-pop fan engagement

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