Iconic electronic music producer and Swedish House Mafia memberAxwell invested in another blocka new Web3 company that democratizes music rights for fans.
Part of a €4 million seed round, the funds will be used to scale the blockchain-based platform and “move to a more open market,” according to a press release.
Last year, with the Swedish House Mafia member Steve Angello invested in another block during their pre-seed round, which raised $1.2 million. Axwell said he has been a fan since the company’s inception because of its vision to reinvent music ownership for fans and artists.
“I’ve followed Another Block since the beginning, and it’s clear that their work is aligned with their vision,” Axwell said. “Enabling greater flexibility in rights is the future of the music industry. It creates a new freedom for creators to share financial incentives with fans, which is the most important thing we have.”
The company’s goal is to expand its product so that it can support a wider range of artists, producers and labels to finance projects and interact with their communities. Anotherblock investors see a clear path for a decentralized creator economy.
“Another block reinvents the user experience of owning music,” said Gabbi Cahane, partner at UK firm Stride.VC, who led the investment round. “They have a very clear belief – that anyone should be able to own a part of their favorite songs and get royalties with their favorite artists.”
“This proposal would be a seismic shift for an industry that has traditionally been very protective of IP ownership,” Cahane continued. “Their artist and fan-centric approach uses the core technologies and values of Web3 to make the ownership of a song atomised; its ownership decentralised; and the balance of power and capture of value of the industry to be democratized. They have the potential to build the platform that will open liquidity, transparency and equity in the music economy and maintain market power for music rights worldwide.”