Capital to Support Product and Team Growth to Meet Fast Adoption and Demand from Creators, Including Bryce Hall and Nick Austin; Prepares to Launch Creator NFT Marketplace
LOS ANGELES, November 03, 2021--(BUSINESS WIRE)--Afterparty, the technology company behind the new Web3 platform enabling creators to directly monetize and manage NFT collector relationships, announced today that it has raised $3 million in seed funding. The round is led by Acrew Capital and TenOneTen Ventures with participation from Palm Tree Crew, Act One Ventures, Hex Capital, Red Light Management, and angel investors including Dylan & Brandon Lee, Louis Beryl, Dave Bonanno, Craig Clemens, Reade Seiff and Alex Kassan.
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Creators use Afterparty's NFT platform to unlock exclusive experiences for fans. (Photo: Business Wire)
The funding will be used to accelerate product development of Afterparty’s end-to-end Creator NFT platform, which provides creators with the tools to launch NFTs and gain direct artistic and financial control of their fan relationships. Using the Afterparty events platform, which made its public debut in August 2021 following a successful beta launch with Ethereum and Deso, creators can "token gate" exclusive fan experiences that can only be accessed with an NFT the creator launches.
Afterparty has quickly attracted some of the world’s most influential and emerging creators, from musicians and DJs to chart-topping bands and digital artists. It now welcomes a powerhouse group of investment partners, spanning global venture capital groups to creator-led funds and talent management companies.
Investors and creators commit to building a better creator economy
"Our investment philosophy is formed around the idea of democratized wealth creation, which empowers more diverse groups to have a broader influence on market development and value generation," said Lauren Kolodny, Founding Partner at Acrew Capital. "Acrew’s same guiding principle represents the very essence of the new creator economy. Afterparty is undoubtedly at the forefront of this new creator era which makes their platform and team an exceptional investment fit."
"By building consumer experiences on top of blockchain, Afterparty brings tangible value and utility to NFTs and social tokens," said Richard Wolpert, Venture Partner at Acrew Capital. "No other platform is doing this in a way that mutually benefits creators and their biggest supporters, which makes Afterparty’s model especially powerful within media and entertainment, an industry all about fan communities."
This raise will allow Afterparty to supercharge its virtual event series, where it just hosted six household name creators including: Bryce Hall, Nick Austin, Thomas Petrou (Hype House) and others. These creators have built global communities on TikTok and recognize the value that Afterparty's decentralized and direct monetization model brings to their growing success.
"I’m always looking for new ways to build deeper, more meaningful relationships with my fans, especially those who have supported me from the start," said Bryce Hall. "Afterparty has really allowed me to connect with my true fans and build those relationships with them. It’s a brand new platform that helps creators generate more money so they can continue pursuing their passion while also giving fans an exclusive meeting place to connect with their favorite creators. There’s nothing really out there like it, and if you’re a creator or a fan, you should come to Afterparty."
Afterparty’s early success solidifies creator-led venture capital appeal
Afterparty’s event platform is the first and only opportunity for creators to capitalize on the post-sale value of social tokens and NFTs. This has gained interest and active participation from creators looking to Web3 tools to better manage their creative offerings and experiences. Over 20 early-adopters, from Echosmith to Tropix and Bryce Hall, have launched high-value social tokens to unlock dozens of virtual events, seeing a significant growth in their social token market cap and in direct income.
"A major component of the future of the crypto creator economy is creating crypto native content and community around the creators," said Brett Shear, Partner at Palm Tree Crew Crypto. "Afterparty has shown innovation on utility for communities around their favorite creators. At PTC Crypto, we believe they will continue to pave the way for new creators to enter the ecosystem and introduce more crypto native content via these community-driven parties."
"I've seen for many years that artists and creators need better ways to engage and build their true fans around themselves. We're excited about Afterparty giving creators that opportunity and using NFTs as the backbone really empowers creators on a whole new level," added Myles Shear, CEO of Palm Tree Management with artists such as Kygo and Sam Feldt under management.
After the NFT comes the Afterparty
Afterparty is scaling its resources and platform to prepare for the January launch of its Ethereum and Polygon based NFT marketplace that will provide creators with extensive opportunities to showcase their artistic talents through unique digital collectibles.
"Afterparty started with three massive music fans and crypto founders setting out to build the experience we dreamed about as superfans ourselves," said David Fields, CEO and co-founder of Afterparty. "It’s our mission to give creators not just the tools to pursue their dreams and create a sustainable living, but build a platform that is creator and fan owned. Web3 is enabling a new era for a direct-relationship creator economy and we’re proud and humbled by the incredible early support and eager adoption from creators we love."
A team that’s scaling just as fast as the Afterparty platform
Afterparty was founded on the vision to provide not just a destination for creators to develop NFTs and social tokens, but an ecosystem to help them promote and support their careers. Founded by entrepreneur David Fields, formerly of Disney and head of investments at Michael Eisner’s The Tornante Company, and Dan Rahmel, senior technology executive at Music Audience Exchange, Afterparty was formed by creators themselves and is rooted in art, music and gaming.
Eytan Elbaz, co-founder of Scopely and Social Native, and a musician himself, joined Afterparty as co-founder only a few weeks into launch. Robert Graham, creator and Influencer agency founder, serves as head of talent & community.
"We’ve gained the commitment from leading venture capital groups, artist-led venture arms and strategic investors who are also creators themselves—these are chart-topping musicians, world-renowned DJs, veteran entrepreneurs, who all see the demand for Afterparty and its tremendous potential," said Eytan Elbaz, Afterparty co-founder and venture partner at TenOneTen Ventures. "Sure, this is a technical project, but it’s also a labor of love and a tribute to creators everywhere."
Afterparty’s NFT marketplace will be fully available in January with its events platform debuting exciting creator events weekly. Afterparty is also growing its team and actively hiring across engineering, marketing and operations divisions. To join Afterparty’s NFT waiting list or to check out its growing lineup of creator events and open positions, head to www.afterparty.ai.
Afterparty is a technology company dedicated to building a better model for the creator economy. Founded and managed by entrepreneurs who are equally technology and music-focused, Afterparty is committed to providing the most powerful Web3 tools that help creators build and maintain direct relationships with their fan and supporter communities, including an NFT marketplace through which creators can offer NFT collections. Afterparty’s platform also gives creators the ability to host intimate, live experiences for their most dedicated fans gated by NFTs. For more information about Afterparty, please visit www.Afterparty.ai.
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