Royal, the music tokenization platform launched by DJ and entrepreneur Justin “3LAU” Blau, closed a $55 million Series A funding round on Monday, CoinDesk confirmed.
- Andreessen Horowitz (a16z) led the round, which also included participation by Coinbase Ventures, Paradigm and the performers, The Chainsmokers and Nas.
- “In addition to their audacious vision, what makes this founding team so unique is 3LAU’s firsthand experience as a musician paired with JD’s exceptional track record as a repeat founder and startup operator,” a16z General Partner Katie Haun wrote in a blog post.
- The funding comes less than three months after Royal raised a $16 million seed round. Paradigm and Founders Fund each invested $7 million in this earlier funding, securing board seats for their respective general partners, Fred Ehrsam and Keith Rabois.
- Royal slices up song royalty rights into crypto tokens that anyone can buy and trade.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.