Sweden-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 participation from significant music and crypto players such as ChromaWay, Kyros Ventures, Kucoin and existing backer Charles Goldstuck.
The new Corite CO platform will allow $CO token holders to participate in blockchain fan funding and promotion, get early access to invest in music projects, in addition to earning rewards for “contributing and participating in the governance of the Corite ecosystem”, according to a media release.
The firm is preparing to launch the first version of the CO Fan Power blockchain platform in Q1 2022.
Corite, which inked a partnership with L.A-based HITCO Entertainment in May 2021, enables fans to directly invest in their favorite artists, and to earn a proportion of said artists’ streaming royalties in return.
HITCO, run by L.A Reid and Charles Goldstuck, acquired a minority stake in Corite as part of the partnership, which saw the platform expand into the US.
Co-founded by Universal Music Sweden alumni Mattias Tengblad (CEO) and Emil Angervall (COO), Corite was launched in Sweden in 2019 and has also since expanded to Europe.
The company says that thousands of backers have signed up to become active stakeholders in their favorite artists through the platform.
Corite CO was created in collaboration with ChromaWay, Corite’s key partner and investor that offers a distributed ledger technology (DLT) and decentralized finance infrastructure via its Chromia ecosystem.
According to Corite, the Corite CO platform leverages the Play-to-Earn (P2E) model “to give artists full control over their content, and access to new models of interacting with their fans through NFTs, digital merchandise, and tokens”.
In November of 2021, Corite CO launched its first NFT campaign in Times Square, featuring Emery Kelly’s “Emotions” collection of non-fungibles.
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 the 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 along with many others.
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 lead the music industry into the music/web3 world.”
Charles Goldstuck
Charles Goldstuck, Corite Investor and Founder and Co-Chairman of HITCO, said: “Corite is uniquely positioned to help lead the music industry into the music/web3 world.
“The groundwork that has been done by the team sets the stage for moving this offering into primetime.”
Emelie Olsson, Director of Artist Relations at Corite, added: ”With platforms like TikTok completely changing the music industry in a very short amount of time, we’re seeing a growing trend where the power of fans and communities becomes the very core of being a successful artist today.
“We will be able to support all aspects of that ecosystem.”
“During 2022, we will scale to help artists and fans across the globe to join forces, using their fan power to the max.”
Mattias Tengblad, Corite
Mattias Tengblad, Co-founder and CEO, said: “NFTs and blockchain technology continues to explode within the music industry. With our unique product, global community and strong financials we are now in a great position.
“During 2022, we will scale to help artists and fans across the globe to join forces, using their fan power to the max.”Music Business Worldwide
