Anotherblock raises $1.2M in pre-Seed Funding

Michel Dahlberg Traore Filip Stromsten anotherblock 1024x518 1

anotherblock, a Stockholm-based provider of a blockchain-based music rights marketplace, raised $1.2m during a pre-seed round.

J12 led the round with participation from Sebastian Knutsson (founder and maker of Candy Crush), Mattias Miksche, (founder of Stardoll), angel investor in Sana Labs Estrid, Teamtailor), Mathias Ackermand, (co-founder of Transmode) and angel-investor at successful startups such as e.g. Fishbrain and Next Games, Fast Travel Games and 46 Elks were among the participants. Steve Angello was also involved. Doc McKinney, a Canadian-American music producer (who won a Grammy for Weeknd’s Starboy) is one of the advisors.

The funds will be used by the company to expand its operations and to support its development efforts.

Michel D. Traore is the CEO, Sebastian Ljungberg is the CTO and Filip Stromsten is the COO. Anotherblock will launch a blockchain-based marketplace to sell music rights in 2022. It will use blockchain technology to empower artists and increase their value. Three problems will be solved by the startup:

  • Inability of ordinary investors to access notable asset-classes
  • It is difficult to liquidate and open-up music rights for a wider market.
  • A corresponding undervaluation in the music itself.

NFTs will be the first focus of anotherblock. Tokens that are connected to royalty rights will be introduced at first. Each NFT will be entitled to royalties that correspond to its ownership. The second is to create unique NFTs that allow only one person to enjoy the art, whether it’s in-person or online. Artists who place their rights on the Blockchain will be paid a transaction payment/trade-royalty each time an NFT is traded.

Once the NFT marketplace has been established and is operating, the company will be able to focus on rights management of artists and labels on the blockchain.

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