Web3 music platform Public Pressure raises $6 million led by blockchain-focused investor Scytale
Web3 music platform Public Pressure has raised USD 6 million in its new funding round led by digital asset manager Scytale, which invests in blockchain solutions.
The funding round also attracted commitments from Ethereum & Polkadot founder Gavin Wood, Energy Web founder Ed Hesse and other venture firms such as Matterblock and HV Capital, according to a release on Monday (Dec 12). Wood is among the early investors in Public Pressure.
The investment comes hot on the heels of Public Pressure’s announcement that the first music and gaming NFT project raised $2 million within days of its release. Launched in collaboration with the decentralized autonomous organization (DAO) Moonsama, the project introduced music as a game tool for the first time in the Moonsama gaming metaverse.
Public Pressure’s Web3 platform is built on what it says is the “eco-friendly blockchain” Polkadot, the brainchild of Ethereum founder and Public Pressure investor, Gavin Wood.
Polkadot was designed to support the transition of music to Web3, says Public Pressure.
Scytale, a digital asset manager, focuses on blockchain solutions. It claims to be an early adopter in blockchain with Horizon Fund I launched in 2017.
The company closed its Horizon Fund II in early 2022. The firm says it has so far invested in 14 projects spanning gaming, music, legaltech, security, as well as blockchain and metaverse infrastructure, among others.
Public Pressure, originally launched in 2015 as an online community and magazine, changed to a Web3 platform earlier this year.
It has since started partnerships and campaigns with firms such as Moonsama and with major fashion brands including Diesel, which focused on promoting underrepresented musicians, artists and their innovative genres.
Headquartered in London, Public Pressure has offices and team members in Europe, Hong Kong and the US.
“This new investment led by Scytale not only gives us access to funding, which will allow us to continue to expand our offering, but also to Mark Cachia and his team’s expertise and insight into this exciting new market.”
Sergio Mottola, Public Press
“Web3 is about creating a fairer internet where the user owns their data and identity,” said Public Pressure founder Sergio Mottola.
“For us, it’s about creating a fairer music industry where artists control the relationship with their fans and monitor the distribution of their products.
“This new investment led by Scytale not only gives us access to funding, which will allow us to continue to expand our offering, but also to Mark Cachia and his team’s expertise and insight into this exciting new market.”
“We believe that music and artists will be one of the industries that will benefit the most from Web3.”
Mark Cachia, Scytale
Commenting on the investment, Scytale founder and CIO Mark Cachia added: “We believe that music and artists will be one of the industries that will benefit the most from Web3.
“Public Pressure is the first music project on Polkadot, and this kind of forward thinking gives us confidence that the team at Public Pressure is best positioned to execute a win-win strategy for artists and also investors.”Music business worldwide
