The family investment firm of rock band Metallica has participated in the Series A funding round of Medallion, an artist-to-fan platform that aims to help artists build relationships with their fans.
Black Squirrel Partners, a company founded in 2020 by Metallica’s band members, was one of several backers of the effort led by Dragonfly and Lightspeed Faction.
Other investors include Coinbase Ventures, Infinite Capital, J17, The Chernin Group, Third Prime, and Zeal Capital.
Medallion, a direct-to-consumer platform led by former Songkick CEO Matt Jones, is focused on strengthening the connection between artists and fans. According to Billboard, the startup has secured $13.7 million.
In addition to Metallica, the venture round included Bill Entertainment, Disclosure’s Guy Lawrence, Foundations Artist Management, Jungle, Mt. Other music industry veterans included Joy, Method, Tiga James Sontag and TAG Music.
This investment marks Metallica’s third notable venture of 2023, following its acquisition last March with Black Squirrel. The company also participated in a $5 million funding round for Word Collections in August.
Medallion’s platform facilitates white label fan experiences and digital-based interactions between artists and fans. The company plans to utilize the funds to accelerate its ambitious technology roadmap.
Led by industry veterans from Songkick, Instagram, YouTube and more, Medallion solves the challenge of artists connecting directly with underrepresented fan bases. The platform aims to unlock a direct connection between artists and fans.
Medallion’s team has a track record of developing pioneering technologies for leading artists and is backed by passionate investors who want to support their journey.
Additionally, Medallion previously secured $9 million in seed funding from high-profile investors including Betaworks, POAP Ventures, Polygon Ventures, The Chernin Group, Red Light Ventures, and luminaries such as Linkin Park’s Mike Shinoda and Tycho.
Metallica’s Cryptocurrency Fraud Warning
In December 2022, Metallica issued a warning to fans about cryptocurrency scams leading up to the release of their highly anticipated new album 72 Seasons.
The band, known for its innovative technology and use of cryptocurrency, has become a target for scammers looking to profit from the excitement surrounding the album release and the band’s upcoming tour.
Metallica tweeted on December 6th urging fans to be wary of cryptocurrency giveaway scams. The band have been victims of scams before, so they have first-hand experience of the difficulties of dealing with scammers.
Scammers have been targeting fans by impersonating them on social media, using the band’s name and upcoming album as bait to lure unsuspecting fans into their scam schemes.
Scammers also created fake YouTube live streams using the band name and album title to trick fans into clicking QR codes, which led to fake cryptocurrency giveaways. These scams are designed to capitalize on fans’ excitement about albums and band tours.