NFT music marketplace Royal raises $55M in Series A round

NFT music marketplace Royal raises $55M in Series A round

On-chain music platform Royal has announced a Series A funding round led by venture capital giant Andreessen Horowitz.

Royal allows fans to buy music rights via nonfungible tokens (NFTs). Its co-founders, entrepreneur JD Ross and DJ Justin Blau who goes by the stage name 3LAU, announced on Nov. 23 they had closed a $55 million Series A funding, following a $16 million seed round in August.

Prominent venture capital firm Andreessen Horowitz, or a16z, led the round. Kathryn Huan, General Partner at a16z tweeted about the firm’s investment in Royal’s possibility of transforming the music industry.

1/ Today we’re announcing an investment in @join_royal, a web3 platform I think has the promise to transform the music industry in a way that hasn’t been possible until now. DJ

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