Modhouse, a fan participation-based K-pop startup, announced on the 8th that it has raised a Series B investment of 21 billion won from major domestic venture capitals. This is the largest investment amount secured by a single company in the domestic entertainment industry this year.
Led by IMM Investment, this round saw four new participants join, including LB Investment, Intervest, and Smilegate Investment. Existing investors such as Laguna Investment, US content VC Spermion, and renowned music investor Cooper Turley also participated in additional funding.
Related Articles
- Modhouse, Triple S's agency, joins hands with blockchain company Abstract
- Focus AI-BPMG jointly develop 'AI and blockchain-based payment solution'
- Hashed invests in blockchain infrastructure developer 'Subzero Labs'
- Korea Minting and Security Printing Corporation establishes blockchain-based payment infrastructure with Suho IO
Modhouse is expanding its global fandom by growing the intellectual property (IP) of girl groups like Triple S and Artemis through the blockchain platform Cosmo. Fans directly participate in the entire process, from concept selection to unit composition and content production. Cosmo has recorded 350,000 cumulative subscribers, 10 million digital photocard (Non-Fungible Token) issuances, and 150,000 monthly active users.
Jang Gi-hyun, a manager at IMM Investment, said, "We highly evaluated Modhouse's differentiated production capabilities and the scalability of its fan participation K-pop platform 'Cosmo'" and added, "We will support this investment to become a catalyst for innovation in the domestic entertainment industry."
Modhouse will accelerate the global expansion of its IP and platform with this investment. A boy group Identity's first unit is scheduled to debut on the 11th. They also plan to expand direct communication between domestic and international artists and fans through Cosmo.
Jeong Byung-gi, CEO of Modhouse, said, "Even during an investment winter, domestic leading VCs recognized our achievements and vision" and added, "We will further develop a platform ecosystem where fandoms contribute to artist production in the global Fan-dustry market."
Modhouse was established in 2021. It is led by CEO Jeong Byung-gi, a former executive from JYP Entertainment and Woollim Entertainment, and Vice CEO Baek Kwang-hyun, a former COO of Playlist and a consultant at Bain & Company. The seed investment was led by blockchain-specialized investment firm Hashed.
- Reporter Do Ye-ri
< Copyright ⓒ Decenter, unauthorized reproduction and redistribution prohibited >
