Afterparty, a technology company behind the new Web3 platform enabling creators to directly monetise and manage NFT collector relationships, has raised USD3 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.
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.
“Our investment philosophy is formed around the idea of democratised wealth creation, which empowers more diverse groups to have a broader influence on market development and value generation,” says 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,” says 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.”
This raise will allow Afterparty to supercharge its virtual event series, where it just hosted six household name creators including: Bryce Hall, Nick Austin, Thomas Petrou (Hype House) and others. These creators have built global communities on TikTok and recognise the value that Afterparty’s decentralised and direct monetisation model brings to their growing success.
“I’m always looking for new ways to build deeper, more meaningful relationships with my fans, especially those who have supported me from the start,” says Bryce Hall. “Afterparty has really allowed me to connect with my true fans and build those relationships with them. It’s a brand new platform that helps creators generate more money so they can continue pursuing their passion while also giving fans an exclusive meeting place to connect with their favourite creators. There’s nothing really out there like it, and if you’re a creator or a fan, you should come to Afterparty.”
