Afterparty Raises $3M in Seed Funding Led by Acrew Capital and TenOneTen Ventures; Scales Direct Monetization Platform for Creators Launching NFTs
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
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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“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”
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.
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“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.”
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