Serenade, a music NFT marketplace launched in 2021, has raised AUD $6 million (approx USD $4.2m).
The company, founded by Australian tech entrepreneur Max Shand, says the funds will be used to “help grow its artist and partner roster” across the UK and Australia, as well as in the US, where the company plans to enter the market and open a dedicated office.
Today’s (May 18) news follows the announcement in March, that Iain Watt, the former Managing Director of YMU Music in the UK, joined the platform’s Advisory Board as Chairman.
According to a media statement, Serenade has been supported by several high-profile music industry investors, including senior management figures from Atlantic Records UK, Secret Sounds, Future Classic, UNIFIED Music Group and Warner Music Group, as well as Hollywood actor Hugh Jackman.
The statement adds that “the group has also been joined by Matt Gudinski and Johann Poniah of Mushroom Group and former Powderfinger frontman Bernard Fanning”.
Serenade says it will also be undertaking a visual rebranding and improvement to its underlying NFT marketplace technology.
Serenade 2.0, as it is being coined by the company, will offer artists unique smart contracts and the ability to split and update royalties amongst multiple beneficiaries.
Fans will also have an improved visual and user experience, says Serenade, which includes the option to transfer NFTs outside of the Serenade platform and trade on third party marketplaces, such as OpenSea.
In February, Serenade also partnered with the Brit Awards for the event’s first ever NFT collection, which included an Adele X Artist Of The Year Award NFT which, says Serenade, sold out within 30 minutes of launch.
Since its launch in Autumn 2021, the company has worked with artists such as Young M.A, The Kooks, Jungle, Super Furry Animals, Frank Carter & The Rattlesnakes and Gary Powell from The Libertines.
“we look forward to further growth.”
Max Shand, Serenade
Max Shand, Founder, Serenade, said: “We’ve been thrilled with the platform’s development since launching six months ago, and this progress is testament to the incredible work of both our team and the investors who’ve backed us.
“We know there is huge demand for accessible, eco-friendly NFTs – and we look forward to further growth, developing the US and other markets and launching version 2.0 of the platform in the coming weeks and months. What a time to come.”Music Business Worldwide
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