Digital Assets: Swedish Web3 Music Startup anotherblock Raises Seed Round Of €4M
Over the course of the previous year, anotherblock achieved notable progress by providing fans with the opportunity to obtain music rights for some of the most renowned songs globally.
Swedish music company anotherblock has raised €4 million in a Seed round led by UK-based Stride.VC and DJ/producer Axwell of Swedish House Mafia. The company has gained recognition in the music/web3 scene by providing fans with access to music rights for popular songs (See above: Rihanna).
Now, anotherblock aims to expand globally and offer its product to a wider range of artists, producers, and record companies. The company’s approach focuses on democratizing music rights through blockchain technology, allowing fans to own shares of songs and earn royalties alongside their favorite artists. (EU-Startups)
Stride.VC believes this approach could revolutionize an industry that has traditionally been protective of intellectual property ownership. Axwell supports anotherblock’s vision of greater rights flexibility, which empowers creators to share financial incentives with fans.
Moving forward, anotherblock plans to scale up and create an open marketplace, enabling more artists, particularly from the independent scene, to benefit from the platform and engage their communities.
The company sees potential in the blockchain ecosystem for combining music rights and technology, and having notable backers is valuable for their journey.
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