NFT start-up FUEL secures German music business funding

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Berlin-based expertise start-up FUEL has secured funding from the German music enterprise – rappers CRO and Bausa, in addition to the latter’s file label Two Sides.

The information follows FUEL’s €1.5 million pre-seed financing spherical in March 2022 to develop its platform, which allows musicians and creators to construct their very own custom-branded NFT store for his or her assortment. FUEL describes itself as “Shopify for NFTs”.

With the brand new buyers, FUEL has secured additional funds in addition to entry to music and leisure. 

Two Sides, based in 2017, is run by Lucas Teuchner alongside rapper Bausa. Artists on the roster embrace Apache207, Loredana, Zuna, Azet and Miksu/Macloud. 

CRO has greater than three million month-to-month Spotify listeners. 

Nicely-known buyers already concerned embrace Gumtree co-founder Michael Pennington, Certainly founder Paul Forster, and Bitstamp CTO David Osojnik, in addition to the US and English enterprise capital funds Fintech Collective (a shareholder of OpenSea), Seedcamp (which invests in Sorare and Revolut) and Notion Capital with its pre-seed automobile Pioneers.

FUEL co-founders Csongor Barabasi and Thanh Binh Tran mentioned: “NFTs are revolutionising the music, arts and leisure industries, delivering actual added worth and strengthening the connection between artists and their followers. Within the music business, for instance, this may very well be presale rights for live performance tickets or backstage entry.”

FUEL co-founders Stefan Tietze and Patrice Deckert added: “We’re actually excited to have these German rap superstars on board. Nobody embodies the trendy music business like CRO, Lucas and Bausa, who not solely take FUEL to a brand new degree as musicians themselves, but in addition with their community of artists.”

Rapper CRO mentioned: “I have been trying on the NFT sector for some time and I am satisfied of its potential, not just for the music business, but in addition for all different areas of the creator financial system. With FUEL, I’ve now discovered not solely a staff but in addition a mannequin that has excited me a lot that I additionally wish to be on board as an investor.”

Label boss Bausa added: “It is vital that the music business evolves. With NFTs and FUEL’s mannequin, we now have the prospect to make that occur.” 

The platform allows creators to construct, handle and function their very own NFT retailer with none prior technical data. Creators retain full management over presentation and function independently of platforms reminiscent of OpenSea.

Left to proper: CRO (Rapper), Stefan Tietze (co-founder), Csongor Barabasi (co-founder), Thanh Binh Tran (co-founder), Patrice Deckert (co-founder), Lucas Teuchner (MD Two Sides), Bausa (Rapper & MD Two Sides)

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