Clesson, the parent company of LABEL Foundation, has raised $2 million in equity financing to help further the project. According to the company, it will use this funding to further enhance the LABEL Foundation brand and put it in the lead in the Web3 content industry, a booming and fast-growing content ecosystem.
LABEL Foundation will use the funds raised to attract global talent to its platform, enhancing it and bringing over new IP holders. The money will also go towards development-related expenses that arise as the project grows.
Groom Investment and eBest Investments were the strategic investors in this round. The funding will allow the blockchain-based music and NFT platform to pivot towards the new Web3 ecosystem while also keeping in line with its original mission of breaking existing barriers across the entertainment sector and putting power back in the hands of the artists.
About LABEL Foundation
LABEL Foundation was founded by the creators of OPENTRACK, which serves as the content platform where users are able to acquire and hone their musical skills in a self-paced environment. On this platform, users are able to access classes from world-class musicians and musical artists.
LABEL Foundation seeks to revolutionize the music industry by attracting well-known IPs to its platform. Its profit-sharing system is developed with the best interests of the artist in mind, helping them eliminate the burden of intermediary fees that greatly reduce the amount made by the artist. It also allows direct peer-to-peer investments that go towards funding prospective musicians, and all of this is done in a decentralized and permission-less state.
About EBEST Investment & Securities Co., Ltd
EBEST Investment & Securities Co., Ltd is a company that provides financial related services to its clients. Founded in 1999, the company is located in South Korea and is listed on the KOSDAQ.
EBEST Investment & Securities Co., Ltd engages in the brokerage, dealing, and underwriting of securities businesses, in addition to covering stocks, options, futures, government bonds, corporate bonds, foreign securities, and financial derivatives products. EBEST Investment & Securities Co., Ltd also provides consulting services and is involved in the proprietary trading business.
About Groom Investment
Groom Investments is an investment fund that conducts all-round investments in the prospective companies and holds a portfolio comprised of The SmartStudy, CrowdWorks (Pre-IPO stage), Bespin Global (accumulated investment of 209 billion KRW), and Caroom.
Source: https://bitcoinist.com/clesson-raises-2-million-in-equity-funding-to-put-label-foundation-at-the-forefront-of-web3/