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§ Private Profile · Stockholm, Sweden
Blockchain music platform connecting artists and fans for music project funding, offering fan investment in streaming royalties.
Based in Stockholm, Sweden, Corite operates a blockchain-based music funding and distribution platform that connects independent artists directly with their fans to finance upcoming creative projects. The system allows retail supporters to invest capital into specific music campaigns in exchange for a proportional share of future streaming royalties generated across major digital service providers, including Spotify, Apple Music, and YouTube. Through this decentralized model, participating artists typically allocate between 15% and 20% of their commercial streaming revenues to their financial backers for a standard duration of one year. Operating with a dedicated workforce of approximately 12 to 13 employees, the organization generates its primary revenue by taking a 10% commission on both the initial capital raised during fan campaigns and the subsequent royalty payouts. Corite was officially founded in 2018 by co-founders Emil Angervall and Emelie Olsson.
Corite has raised $6.9M across 2 funding rounds.
Corite has raised $6.9M in total across 2 funding rounds.
Corite has raised $6.9M across 2 funding rounds. Most recently, it raised $6.2M ICO in January 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 27, 2022 | $6.2M Angel | — | Charles Goldstuck, Chromaway, KuCoin Ventures, Kyros Ventures | Announced |
| Jun 1, 2020 | $680K Seed | — | — | Announced |
Corite has raised $6.9M in total across 2 funding rounds.
Corite's investors include Charles Goldstuck, ChromaWay, KuCoin Ventures, Kyros Ventures.
Corite is a blockchain-based platform that enables music artists to raise funding from fans for releases, music marketing, and distribution, in exchange for sharing streaming revenue with backers.[1][2][4][6] It serves independent artists and their fans in the music industry, solving the problem of limited access to upfront capital by democratizing funding and providing tools for revenue sharing, distribution, and fan engagement.[1][5][6] Founded in 2018 in Stockholm, Sweden, Corite has raised approximately $6.2M–$7.8M across rounds, including a $6.2M private token sale in 2022 and earlier seed funding, with a user base exceeding 120,000 as of recent data and ongoing activity shown by its Mosaic Score rising +213 points in the past 30 days.[1][4][5]
Corite was founded in 2018 in Stockholm, Sweden, as a music-tech startup by co-founder and CEO Mattias Tengblad, emerging from the need for artists to gain independent funding without traditional label constraints.[2][4][5] The idea stemmed from creating a fan-driven model where supporters invest in specific releases and earn streaming profits, with a beta launch in October 2019 building to a 120,000-user base.[4][6] Pivotal moments include a 2021 US market entry with a $2.2M presale partnership via Hitco, a €600K European seed round in January 2022 led by Tagehus, Eastate, and Almi Invest, and a $6.2M private token sale plus $1.5M public IFO on PancakeSwap in 2022, backed by investors like NGC Ventures, KuCoin Labs, and Shima Capital.[4][5] A UK entity, CORITE TECHNOLOGY LIMITED, was incorporated in March 2017, listed under specialised design activities, with active status and recent filings up to March 2024.[3]
Corite rides the wave of Web3 in music, blending blockchain, DeFi, and fan economies to disrupt traditional label funding amid streaming's dominance, where artists often see low royalties.[1][2][4] Timing aligns with rising NFT/music tokenization trends post-2021 crypto boom and fan-token models (e.g., Chiliz), amplified by platforms like TikTok virality and direct-to-fan shifts, favoring independents over majors.[4][6] Market forces include blockchain's transparency for royalties, crypto adoption in entertainment, and investor interest from VCs like NGC, positioning Corite against competitors like StarCrowd (fan stakes) and Global Rockstar (royalty trading).[1] It influences the ecosystem by empowering artists with tools for sustainable careers, growing communities (e.g., Alan Walker's Walkers), and normalizing fan ownership, potentially accelerating decentralized music infrastructure.[1][6]
Corite is poised to expand its fan-funding model globally, leveraging $CO token utility, US/EU traction, and Web3 integrations for more artist campaigns and partnerships like past Hitco deals.[4][5][6] Trends like AI music tools, metaverse concerts, and regulatory clarity on music tokens could boost scalability, though crypto volatility and competition from Muze-Art or Dripit.io pose risks.[1][4] Its influence may evolve toward a full music DAO, amplifying artist independence as streaming grows—building on early wins with Walker and Stembridge to redefine fan-artist economics.[6] This fan-powered approach, started as a simple funding fix, could make music investment as routine as streaming.