China-based music platform Allsaints Music Group hauled in $60m in a series B1 round co-led by electronics company Oppo and also backed by its peer Xiaomi.
Oppo co-led the round with China Merchant Bank’s CMB International subsidiary, while venture capital firm Hui Capital.
Allsaints provides a music streaming service that aims to create a community of user-generated content that can then be streamed across devices. It hopes to integrate blockchain into music streaming, letting artists create unique digital assets and non-fungible tokens.
The money will be used to grow the business and accelerate its operations. The firm has already struck agreements with Oppo, Xiaomi and Vivo to partner on expanding its reach on their devices.
Xinghai Zeng, managing director at CMB International (CMBI), said: “We believe that music will be one of the best-applied scenarios of blockchain. The blockchain technology will help to reshape the music industry, help music content creators have more initiatives in the industrial value chain and help the music business continue its phenomenal growth.
“We believe this is the biggest opportunity since the emergence of digital music.
“CMBI’s investments portfolio companies in blockchain technology sector will work with Allsaints Music Group very closely during this music industry transformation era.”
Details about Allsaint’s historical funding could not be ascertained.
