Metallica VC firm backs Medallion in $13.7m funding round

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The household funding agency of rock band Metallica is participated in a Collection A funding spherical for Medallion, an artist-to-fan platform that goals to assist artists construct relationships with followers. 

Black Squirrel Companions, a agency founded in 2020 by band members of Metallica, was one in every of a number of backers within the Dragonfly and Lightspeed Faction-led effort.

Different buyers embody Coinbase Ventures, Infinite Capital, J17, The Chernin Group, Third Prime, and Zeal Capital.

Medallion, a direct-to-consumer platform led by former Songkick CEO Matt Jones, is targeted on strengthening artist-fan connections. The startup secured $13.7 million, in line with Billboard. 

Along with Metallica, the enterprise spherical included different music trade veterans: Invoice Silva Leisure, Disclosure’s Man Lawrence, Foundations Artist Administration, Jungle, Mt. Pleasure, Technique, Tiga James Sontag, and TAG Music.

This funding is Metallica’s third notable enterprise in 2023 via Black Squirrel, following acquisitions in March. The agency additionally joined a $5 million funding spherical for Phrase Collections in August.

Medallion’s platform facilitates white-label fan experiences and digitally native interactions between artists and their followers. The corporate plans to make the most of the funds to expedite its bold technical roadmap.

Led by trade veterans from Songkick, Instagram, YouTube, and others, Medallion addresses the problem of artists having direct connections with solely a fraction of their fanbase. The platform goals to unlock direct artist-to-fan connections.

The workforce behind Medallion has a monitor report of growing pioneering expertise for main artists, receiving help from enthusiastic buyers desperate to again their journey.

Medallion had additionally beforehand secured $9 million in seed funding from notable buyers, together with Betaworks, POAP Ventures, Polygon Ventures, The Chernin Group, Pink Gentle Ventures, and famend figures like Mike Shinoda of Linkin Park and Tycho.

Metallica’s crypto rip-off alert

In December 2022, Metallica issued a warning to its followers about cryptocurrency scams main as much as the launch of its extremely anticipated new album, 72 Seasons.

The band, identified for its revolutionary use of expertise and cryptocurrency, has change into a goal for scammers attempting to revenue from the thrill surrounding the album’s launch and the band’s upcoming tour. 

In a tweet on Dec. 6, Metallica urged its followers to be cautious of crypto giveaway scams. The band has skilled firsthand the challenges of coping with scammers, as they’ve beforehand fallen sufferer to such fraud.

Scammers have been concentrating on followers via social media impersonation, utilizing the band’s title and upcoming album as bait to lure unsuspecting followers into fraudulent schemes

Scammers additionally created pretend YouTube dwell streams utilizing the band’s title and the album’s title to trick followers into clicking on a QR code, which results in phony cryptocurrency giveaways. These scams are designed to capitalize on the followers’ pleasure concerning the album and the band’s tour.

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