Modhaus bags $8m in series A money to blend K-pop with blockchain

Some members of tripleS, a K-pop idol group managed by Modhaus / Photo credit: Unopnd

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.

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?

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