Investment of $15 Million Secured by K-Pop label MODHAUS Prior to Launch of Boy Band Idntt
MODHAUS Expands Global Reach with New Funding
South Korean entertainment company MODHAUS is set to revolutionize the fan experience on a global scale, thanks to a significant investment of over 21 billion KRW (approximately 15.8 million USD). This funding will accelerate the expansion of MODHAUS' intellectual properties (IPs) and its innovative fan participation platform, Cosmo.
The Cosmo platform, currently boasting 350,000 cumulative users and 150,000 monthly active users, allows fans to actively engage in selecting concepts, forming units, and content creation. MODHAUS aims to scale this participatory "Fandustry" model globally, beyond just K-pop.
As part of this international expansion, MODHAUS will debut its first boy group, idntt, on August 11. This 24-member group will complete its lineup by the first half of next year, with plans for large-scale promotions in partnership with a major global distributor. The first "unit" of idntt, named unevermet, consisting of seven members, will debut with a seven-track EP. Fans will vote on the album's "super title song" among three singles: "BOYtude," "Storm," or "You Never Met."
MODHAUS's goal is to become a leading force in transforming the global fan experience by expanding the value chain of K-content IP through fan-driven engagement. The company, which currently operates girl groups like tripleS and ARTMS, is also planning to grow as a label specializing in large-member groups, expanding into Japan and initiating discussions with the greater China region.
The Series B funding for MODHAUS was led by IMM Investment, with participation from three other top Korean VCs: Intervest, Smilegate Investment, and LB Investment. Notable investors also included Hedge Fund company Laguna Investment, Sfermion (a U.S.-based content venture capital firm), and Cooper Turley, a noted music NFT investor.
The initial seed round for MODHAUS was led by blockchain-specialized investment firm Hashed, with major Korean-entertainment players as major investors. MODHAUS co-founder and vice president Joseph Baek mentioned that the new investment has secured a stronger financial foundation for more aggressive global expansion.
ARTMS, another girl group under MODHAUS, has a large international fanbase and has completed international tours. Their releases are currently distributed in the U.S. by Sony Music's independent arm The Orchard.
In a statement, Jaden Jeong, from MODHAUS, expressed a hope to find "many people who are crazy about K-pop." Cosmo has issued more than 10 million of its platform-exclusive digital photocards, representing a unique twist on K-pop fan behavior.
As MODHAUS prepares for its global expansion, Cosmo will be introduced in ways that match each region's unique color, allowing artists to connect with fans globally. The company is actively hiring and in need of more staff, beyond its 120 employees.
With this new funding, MODHAUS is poised to lead the way in the global fan-driven entertainment industry, connecting artists directly with international fans and enhancing fan participation in content creation and artist development worldwide.
[1] https://www.modhaus.co/news/modhaus-raises-21-billion-krw-series-b-funding-to-accelerate-global-expansion [2] https://www.modhaus.co/news/modhaus-announces-debut-of-its-first-boy-group-idntt [3] https://www.modhaus.co/news/modhaus-introduces-cosmo-fandom-platform-to-the-world [4] https://www.modhaus.co/news/modhaus-announces-debut-of-cosmo-fandom-platform-and-first-boy-group-idntt
- MODHAUS, under the leadership of Vice President Joseph Baek, aim to foster a global connection between artists and fans with the assistance of new funding, especially in sports, technology, finance, entertainment, and lifestyle sectors, as they expand their reach beyond K-pop.
- As part of this growth, MODHAUS will collaborate with the biggest K-pop companies and K-content IP providers, opening doors for K-pop companies and setting new trends in entertainment, introducing their first boy group, idntt, to the global fanbase.
- With the launch of the innovative Cosmo platform, MODHAUS invites technology-savvy investors like IMM Investment, Intervest, Smilegate Investment, and LB Investment, as well as Hedge Fund company Laguna Investment, Sfermion, and Cooper Turley to invest in the future of fan participation in entertainment and lifestyle industries.
