Quick take:
- AnotherBlock has announced a €4 million seed round led by Stride.VC.
- The Stockholm-based web3 music startup said it will use the funds to scale its product offerings to a wider audience.
- The UK-based Stride.VC was joined in the round by DJ and producer, Axwell of Swedish House Mafia.
AnotherBlock has announced a €4 million funding round led by the UK-based venture capital firm Stride.VC. The seed round also attracted participation from DJ and producer, Axwell of Swedish House Mafia.
AnotherBlock has been one of the fastest-growing web3 music platforms over the past nine months. The company grants fans music rights, allowing them to earn a share of the revenue generated from streaming platforms like Spotify.
One of AnotherBlock’s biggest deals happened in February 2023 when it teamed up with music producer Jamil “Deputy” Pierre to release limited edition NFTs based on Rihanna’s 2014 track “Better have my money”.
AnotherBlock is looking to ramp up its product pipeline by making its offerings available to a more extensive range of artists, producers, and record companies.
Since launching in August 2022, the company has given its users streaming rights to hit songs by some of the world’s most popular artists including The Weeknd, Rihanna, Martin Garrix, Alan Walker, Offset, and R3HAB.
Commenting on his company’s leading role in the fundraising, Gabbi Cahane, partner at Stride.VC said: “AnotherBlock is reinventing the user experience of music ownership. They have a very clear belief that anyone should be able to own a share of their favourite songs and earn royalties alongside their favourite artists. This proposition could be a seismic shift for an industry that has traditionally been extremely protective over the ownership of IP.”
AnotherBlock said its next phase involves scaling and “shifting to a more open marketplace,” which will allow it to reach a bigger audience. The company aims to create an ecosystem that allows more music artists to fund their careers and engage with their fanbase through the platform.
“I have followed AnotherBlock since the beginning, and it is clear that their work aligns with their vision. Enabling greater rights flexibility is the future of the music industry. It creates a whole new freedom for creators to share the financial incentives with fans, which are the most important thing we have,” said Axwell of Swedish House Mafia.
On the other hand, Michel D. Traore, CEO and co-founder of AnotherBlock said the company focused on educating users and proving its product during its first year. Now, the company wants to reach a wider audience particularly outside of the crypto space, thus enabling even more creators to get involved.
“The blockchain ecosystem currently boasts more active users and greater opportunities to engage them than ever before, opening up endless possibilities for the combination of music rights and technology. Having world-class backers on board for this journey is extremely valuable,” he said.
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