anotherblock in a $1.2 million pre-seed round led by J12 Ventures and joined by angel investors from Sweden.

anotherblock, a Stockholm, Sweden-based startup developing a blockchain-based music rights marketplace, announced completing a pre-seed funding round closed at $1.2 million.

The money was raised locally from Sweden, from investors led by J12 Ventures and joined by multiple angel investors, including Sebastian Knutsson (founder of King), Mattias Miksche (founder of Stardoll), Mathias Ackermand (co-founder of Transmode) and Steve Angello (DJ, music producer).

anotherblock, founded in 2021 by Michel D. Traore, CEO, Sebastian Ljungberg and Filip Strömsten, is working for the development of a blockchain-based marketplace for music rights that it says it aims to solve three issues: inability for ordinary investors to access prominent asset-class, difficulty liquidising and opening-up music rights to a broader market, and a corresponding undervaluation of the music itself.

The company aims to launch token-based NFTs connected to royalty rights corresponding to ownership - the buyer is the sole individual who can enjoy the art while the artists will receive a transaction payment / trade-royalty every time the NFT is traded, in perpetuity.

The product is yet to be launched, expected in 2022.