Modhaus secures $8M in series A to fuse K-pop and blockchain

Modhaus, a pioneering entertainment agency based in Seoul and leveraging blockchain technology for amplifying fan engagement, has successfully secured $8M in a Series A funding round.

• Lead Investor: This round was spearheaded by Sfermion, a US-based investment firm, elevating Modhaus's total raised capital to a robust $12M.

• Additional Investors: Other players that threw in their hats to this funding round are SM Culture Partners, Laguna Investment, KDDI Open Innovation Fund III, and Foresight Ventures.

• Web3 Check: Incepted in December 2021, Modhaus has been making waves with its innovative blockchain platform, Cosmo. Cosmo is instrumental in democratising fan engagement by allowing them to participate in their beloved idol groups' decision-making processes.

• K-pop Linkedin: Congruently, Modhaus perceives Cosmo as the “K-pop Linkedin,” enabling fans to interact with artists and accumulate NFT-format photocards- which double up as utility tokens. These tokens empower fans with voting rights, facilitating choices regarding title tracks, album jacket photoshoot venues, and more.

Modhaus's CEO and co-founder, Jaden Jeong, believes that such direct fan involvement can yield significant advantages, primarily in identifying emerging trends and talents. One such group making waves on Cosmo is tripleS, with five album launches and over 170,000 copies sold.

Last year, Modhaus joined forces with metaverse platform The Sandbox, fostering a social hub complete with metaverse-hosted events to bolster tripleS’ fan engagement.