Seoul, South Korea – K-pop startup Modhaus has announced US$8m in funding for the development of its blockchain model Cosmo, dedicated to empower fan engagement through digital token purchases.
With said funding, Modhaus’ total fundraising adds up to US$12m. Investors include Sfermoin, alongside SM Culture Partners, Laguna Investment, Globalbrain (KDDI), and Foresight Ventures.
The new funding will aid in Modhaus’ vision of expanding Cosmo into “the K-pop equivalent of LinkedIn or Kickstarter.”
For the startup, Modhaus enables fans to directly elevate and influence artists, as opposed to producing content strictly for consumption. Its Cosmo platform uses blockchain technology to allow fans to purchase digital photocards that double as voting tokens.
With this system, Cosmo empowers fans to actively participate in significant idol group-related decisions.
Jaden Jung, CEO and co-founder of Modhaus, said, “K-pop fans possess keen insights. With their sharp eyes for talent and trendspotting, we aim to enhance artist value through amplified fan involvement.”
Meanwhile, Joseph Baek, EVP and co-founder of Modhaus, commented, “Superfans are emerging as pivotal players in the music sphere. Strengthening the direct connection between fans and artists not only elevates the fan experience but also introduces a new level of engagement.”
