Swedish-born fan-funding platform Corite has raised $6.2 million in a private $CO token sale for its blockchain-based sister project, Corite CO.
The round saw the participation of major music and crypto players such as ChromaWay, Kyros Ventures, Kucoin and existing backer Charles Goldstuck.
According to a press release.
The company is preparing to launch the first version of the CO Fan Power blockchain platform in the first quarter of 2022.
Corite, which signed a partnership with Los Angeles-based HITCO Entertainment in May 2021, allows fans to invest directly in their favorite artists and in return earn a portion of those artists’ streaming royalties.
HITCO, led by LA Reid and Charles Goldstuck, acquired a minority stake in Corite as part of the partnership, which allowed the platform to expand into the United States.
Co-founded by Universal Music Sweden alumni Mattias Tengblad (CEO) and Emil Angervall (COO), Corite was launched in Sweden in 2019 and has since expanded to Europe as well.
The company says thousands of backers have signed up to become active players of their favorite artists through the platform.
Corite CO was created in collaboration with ChromaWay, Corite’s lead partner and investor which offers distributed ledger technology (DLT) and decentralized financial infrastructure through its Chromia ecosystem.
According to Corite, the Corite CO platform leverages the Play-to-Earn (P2E) model “to give artists complete control over their content and access to new models of interaction with their fans through NFTs, digital products and tokens”.
In November 2021, Corite CO launched its first NFT campaign in Times Square, featuring Emery Kelly’s “Emotions” collection of non-fungible products.
According to Corite, the Corite CO project has secured funding from a global network of prominent venture capital firms operating in the music industry and cryptocurrency space.
The list of crypto investors includes Kucoin Labs, Gate Labs, MEXC, Shima Capital, Rarestone Capital, Kyros Ventures, Titans Ventures, Coin98, Innovion, Everse Capital, ZBS Capital, Parachain Ventures, Oig Capital, Dawnstar Capital and many more .
Also in January 2022, Corite announced its strategic partnership with 4000 Studios, one of Australia’s largest music studio complexes.
“Corite is uniquely positioned to help the music industry enter the music/web3 world.”
Charles Goldstuck, Corite Investor and Founder and Co-Chairman of HITCO, said, “Corite is uniquely positioned to help lead the music industry in the music/Web3 world.
“The preparatory work the team is doing sets the stage to bring this offering to prime time.”
Emelie Olsson, Director of Artist Relations at Corite, added: “With platforms like TikTok completely changing the music industry in a very short time, we are seeing a growing trend where the power of fans and communities becomes the very heart of being”. a successful artist today.
“We will be able to support all aspects of this ecosystem.”
“In 2022, we will evolve to help artists and fans around the world join forces, using the power of their fans to the fullest.”
Mattias Tengblad, Corite
Mattias Tengblad, Co-Founder and CEO, said, “NFTs and blockchain technology continue to explode in the music industry. With our unique product, our global community and our strong finances, we are now in a great position.
“In 2022, we will evolve to help artists and fans around the world join forces, using the power of their fans to the fullest.”The music industry around the world