South Korea-based concert crowdsourcing platform MyMusicTaste has secured $11m in a series C round featuring telecommunications and internet group SoftBank and electronics manufacturer Samsung, TechCrunch has reported.
Investment firm KTB Network led the round, which included Stonebridge, Yellow Dog, Formation 8, Bokwang Investment and Golden Gate Ventures. Samsung and Softbank contributed through subsidiaries Samsung Venture Investment Corporation and Softbank Ventures Korea.
Founded in 2013, MyMusicTaste has built an online platform that enables fans to campaign for their favourite bands and artists to play in their area. It also helps the musicians gauge the level of demand in specific locations, meaning they can more efficiently judge where to tour and what size venues to book.
More than 1 million fans are registered with the service, and it works with 56 promoters and 30 agencies. Its most popular genre is Korean pop but it also works with international artists.
The funding will be used to expand the company’s team, move into new genres and open offices in the US, Europe and Southeast Asia. MyMusicTaste has now raised a total of $22.3m, according to TechCrunch.
Softbank Ventures Korea led MyMusicTaste’s $10m series A round in January 2016 with participation from Samsung Venture Investment Corporate, Formation 8, Golden Gate Ventures, Timewise Investment, Partners Investment, Bokwang Ventures Investment and DT Capital.