Web3 music platform Public Pressure has raised $6 million in its new funding round led by digital asset manager Scytale, which invests in blockchain solutions.

The funding round also drew commitments from Ethereum & Polkadot founder Gavin Wood, Energy Web founder Ed Hesse, and other venture firms including Matterblock and HV Capital, according to a statement on Monday (Dec 12). Wood is one of the early investors in Public Pressure.

The investment comes on the heels of Public Pressure’s announcement that its first music and gaming NFT project raised $2 million within days of launch. The project was launched in partnership with the decentralized autonomous organization (DAO) Moonsama, introducing music as a game utility for the first time within the Moonsama gaming metaverse.

Public Pressure’s Web3 platform is based on what it says is the “green blockchain” Polkadot, the brainchild of Ethereum founder and Public Pressure investor Gavin Wood.

Polkadot was designed to support the transition of music to Web3, says Public Pressure.

Scytale, a digital asset manager, focuses on blockchain solutions. He claims to be an early adopter of blockchain with his Horizon Fund I launched in 2017.

The company closed its Horizon Fund II in early 2022. The firm says it has invested in 14 projects so far spanning gaming, music, legaltech, security, as well as blockchain and metaverse infrastructure, among others.

Originally launched in 2015 as an online community and magazine, Public Pressure was rebranded as a Web3 platform earlier this year.

Since then, he has initiated partnerships and campaigns with labels like Moonsama and with major fashion brands, including Diesel, which focused on promoting underrepresented musicians, artists and their innovative genres.

Headquartered in London, Public Pressure has offices and team members in Europe, Hong Kong and the United States.

“This new investment led by Scytale not only gives us access to financing, which will allow us to continue to grow our offering, but also to the experience and insights of Mark Cachia and his team in this exciting new market.”

Sergio Mottola, Public Pressure

“Web3 is about creating a fairer Internet where the user owns their data and identity,” said Public Pressure founder Sergio Mottola.

“For us, it’s about creating a more equitable music industry where artists control the relationship with their fans and oversee the distribution of their products.

“This new investment led by Scytale not only gives us access to financing, which will allow us to continue to grow our offering, but also to the experience and insights of Mark Cachia and his team in this exciting new market.”

“We believe that music and artists will be one of the industries that will benefit the most from Web3.”

Mark CachiaScytale

Commenting on the investment, Scytale Founder and CIO Mark Cachia added: “We believe that music and artists will be one of the industries that will benefit the most from Web3.

“Public Pressure is the first music project on Polkadot and this kind of forward thinking gives us confidence that the Public Pressure team is best positioned to execute a win-win strategy for artists and investors alike.”Music business around the world