Corite (CO) is a Swedish music and tech startup founded in 2018 that has its own distinct approach to funding artists. It works by letting fans invest in music and get a share of streaming profits, becoming an integral part of the journey from product creation to implementation.
Corite's blockchain-based platform allows CO token holders and music fans to participate in fan funding and promotion, get early access to Tier-1 music projects, and earn rewards for contributing to the Corite ecosystem. Through Corite platform, fans can invest in their favorite artists and own royalty shares as backers, providing a transparent and secure way to support the success of their favorite musicians while earning rewards for their participation. The beta version of the platform was released in October 2019 and now has a 120'000 user base. In July 2021, Corite entered the US market and partnered with Hitco to successfully close a US$2.2 million presale for their utility token $CO – the native currency of the Corite platform. Thus, Corite expanded its audiences, attracted a talented team and created a democratic working environment for artists. More recently, in January 2022, Corite also announced the closing of a €600K seed round for the European launch of its fan funding platform. The round was led by Tagehus, Eastate and Almi Invest.
Corite works alongside a number of prominent music industry professionals such as [L.A. Reid] and [Charles Goldstuck], founders of Hitco Entertainment, legendary producers (Beyonce, Usher) and [Konstantin Kersting] and more. Recently, Corite completed a deal with [Alan Walker] to release multiple tracks and help bring fans to Web3.
In January 2022, Corite CO successfully completed a $ 6.2 million private token sale. Corite conducted a public fundraising round in September 2022 PancakeSwap, where they successfully raised $1.5 million through an initial farm offering (IFO). Investors include NGC, CoinCO, Coin98, KuCoin labs, Chromawat, Gate labs, Kyros Venture, Shima Capital, Everse Capital, Rarestone Capital, NGC Ventures, CryptoJ, BTX Capital, Skyman Venture, Exnetworkcapital, Bella Finance, 1001 capital and Hilbert Capital.
