VAULT, which was created by the co-founders of sports betting market leader FanDuel, have raised $4m in Series A funding.
It follows a breakthrough six months in which fans purchased over 3,000 Digital Music Collectibles (DMCs) from FLETCHER, the critically lauded singer-songwriter FLETCHER.
The funding will further scale the company’s DMC format, which offers music fans authenticated, instantly unlockable digital box sets and experiences from their favourite musicians.
VAULT CEO Nigel Eccles co-founded FanDuel in 2009, with the company going on to become Scotland’s first $1bn dollar-valued startup before being acquired by Flutter in 2018.
Eccles said: “From day one our focus has been on creating a new format that respects the relationship between musicians and their fans and allows them to interact and connect on a deeper level.
“We are thrilled to have launched the DMC format with an artist like FLETCHER who puts her fans first and is willing to give them a deeper look at her music and the creative process behind it.
“By opening the VAULT protocol, we believe we can not only create a new revenue stream for music companies and artists alike, but we can do so by showcasing musicians’ art in a beautiful, collectible format.”
The Series A round was led by Placeholder VC, a premier investor in decentralised networks, with additional participation from existing investors AlleyCorp, Bullpen Capital, and Everblue Management.
The recent funding brings the company’s total funding amount to $13m.
Chris Burniske, partner at Placeholder VC, said: “Given their success in founding FanDuel, the team at VAULT understands the power of engaged communities and the importance of consumer-friendly design.
“Their vision to create an open, protocol-agnostic format has the potential to transform digital music and media ownership, and playability across physical and virtual worlds. We are excited to support the team’s efforts to bring VAULT technology to fan ecosystems within the broader music and media industries.”
In October 2022, VAULT partnered with FLETCHER, to allow her super fans the power of influencing her set list for each night of her sold out ‘Girl Of My Dreams Tour’.
VAULT is the creator of the mobile-friendly Digital Music Collectible (DMC) music format and the VAULT protocol, an open and fully decentralised network for purchasing, playing, and sharing music on third-party apps and websites.