The family investment firm of rock band Metallica is participated in a Series A funding round for Medallion, an artist-to-fan platform that aims to help artists build relationships with fans.
Black Squirrel Partners, a firm founded in 2020 by band members of Metallica, was one of several backers in the Dragonfly and Lightspeed Faction-led effort.
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 artist-fan connections. The startup secured $13.7 million, according to Billboard.
In addition to Metallica, the venture round included other music industry veterans: Bill Silva Entertainment, Disclosure’s Guy Lawrence, Foundations Artist Management, Jungle, Mt. Joy, Method, Tiga James Sontag, and TAG Music.
This investment is Metallica’s third notable venture in 2023 through Black Squirrel, following acquisitions in March. The firm also joined a $5 million funding round for Word Collections in August.
Medallion’s platform facilitates white-label fan experiences and digitally native interactions between artists and their fans. The company plans to utilize the funds to expedite its ambitious technical roadmap.
Led by industry veterans from Songkick, Instagram, YouTube, and others, Medallion addresses the challenge of artists having direct connections with only a fraction of their fanbase. The platform aims to unlock direct artist-to-fan connections.
The team behind Medallion has a track record of developing pioneering technology for major artists, receiving support from enthusiastic investors eager to back their journey.
Medallion had also previously secured $9 million in seed funding from notable investors, including Betaworks, POAP Ventures, Polygon Ventures, The Chernin Group, Red Light Ventures, and renowned figures like Mike Shinoda of Linkin Park and Tycho.
Metallica’s crypto scam alert
In December 2022, Metallica issued a warning to its fans about cryptocurrency scams leading up to the launch of its highly anticipated new album, 72 Seasons.
The band, known for its innovative use of technology and cryptocurrency, has become a target for scammers trying to profit from the excitement surrounding the album’s release and the band’s upcoming tour.
In a tweet on Dec. 6, Metallica urged its fans to be cautious of crypto giveaway scams. The band has experienced firsthand the challenges of dealing with scammers, as they have previously fallen victim to such fraud.
Scammers have been targeting fans through social media impersonation, using the band’s name and upcoming album as bait to lure unsuspecting fans into fraudulent schemes
Scammers also created fake YouTube live streams using the band’s name and the album’s title to trick fans into clicking on a QR code, which leads to phony cryptocurrency giveaways. These scams are designed to capitalize on the fans’ excitement about the album and the band’s tour.