FanDuel Co-Founders’ New Music Format VAULT Announces $4 Million Fund-Raising Round

Key Points:

• Co-founders of the massive sports betting company FanDuel developed the digital music collectible (DMC) format known as VAULT, which has secured $4 million in a Series A fundraising round headed by Placeholder VC.
• The funds will be used to advance the DMC format and quicken the creation of an open-source VAULT protocol.

Following a ground-breaking six months, VAULT, the mobile-friendly Digital Music Collectible (DMC) format developed by the co-founders of sports betting industry leader FanDuel, said that it has secured $4 million in Series A investment, led by Placeholder VC.

Bullpen Capital, Everblue Management, and AlleyCorp were other investors in the round. At this point, investment for VAULT totals around $13 million.

The funding included fans purchasing over 3,000 DMCs from FLETCHER, the critically lauded singer-songwriter and fast-rising queer icon who recently released her acclaimed debut album Girl Of My Dreams.

In order to give her tour attendees a say in the playlist for each night, FLETCHER and VAULT teamed up in October. The winner of a fan vote amongst four DMC-supported “Dream Sequence” setlists was played that evening. The tour also featured additional DMC material, such as behind-the-scenes videos. Singer-songwriter Naika and bands SUM SUN are two other artists preparing DMC-related content.

Nigel Eccles and Rob Jones founded VAULTs DMC, a form of the non-fungible token (NFT) that provides verified digital box sets and one-of-a-kind experiences for music aficionados. An open, decentralized standard for acquiring, using, and distributing DMCs via third-party apps is what the VAULT protocol wants to be.

“From day one our focus has been on creating a new format that respects the relationship between musicians and their fans and allows them to interact and connect on a deeper level. We are thrilled to have launched the DMC format with an artist like FLETCHER who puts her fans first and is willing to give them a deeper look at her music and the creative process behind it. By opening the VAULT protocol, we believe we can not only create a new revenue stream for music companies and artists alike, but we can do so by showcasing musicians’ art in a beautiful, collectible format,” Eccles stated.

The funding will accelerate the introduction of the VAULT protocol, an open and fully decentralized standard for buying, playing, and sharing DMCs on third-party apps, as well as further scale the company’s DMC format, which offers music fans’ authenticated, instantly unlockable digital box sets and experiences from their favorite musicians.

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