Vault, created by the co-founders of unicorn sports betting giant FanDuel, is to announce it has raised $4 million in a new round of growth financing.
Nigel Eccles and Rob Jones’ Vault is the creator of the mobile-friendly Digital Music Collectible (DMC) format and the Vault protocol, described as “an open and fully decentralised” network for purchasing, playing, and sharing music on third-party apps and websites.
The announcement comes after a “breakthrough” six months in which fans purchased over 3,000 DMCs from Fletcher, the singer-songwriter, who recently released her debut album Girl Of My Dreams.
The funding will further scale the company’s DMC format, which offers music fans authenticated, instantly unlockable digital box sets and experiences from musicians, and accelerate the launch of the Vault.
“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,” said Mr Eccles.
“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 $13 million.
“Given their success in founding FanDuel, the team at Vault understands the power of engaged communities and the importance of consumer-friendly design,” said Chris Burniske, partner at Placeholder VC.
“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.”
300 staff at publisher face redundancy
Scottish newspaper and magazine publisher DC Thomson has told staff 300 people could be made redundant to plug a £10 million gap in finances.
Staff were told last week of the cuts, which are expected to centre mainly on the company’s magazine portfolio.
Former Arnotts building turned into flats
A landmark building that formerly housed an Arnotts department store has been turned into flats.
More than 50 flats have been created in the Union Street building in a move developers say will address demand for rental properties in the Highland capital.
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