Engage-to-earn music platform Unitea has announced a $7 million seed funding raise. The round was led by 1st Class Guernsey, Chaos Capital, TokenSociety, and Fuel Venture Capital.
Unitea’s platform is hoping to change the way fans engage digitally within the music industry. It’s board of directors includes Pitbull (Armando Perez) and Claud VonStroke (Barclay Crenshaw). Unitea features an in-app economy that encourages users to create content with music and branded filters from artists to earn rewards. This gamified system creates actionable data for artists and brands to deepen their connection with fans.
In the time since the pre-seed round started in 2020, Unitea has accomplished over 2,000 reward activations. Unitea says now that the seed round has closed, it will leverage the funds to expand the capabilities of its platform within the music industry and beyond. Unitea has created engage-to-earn platforms in partnership with Procter & Gamble, while also activating through the Unitea app with 42 music festivals including Breakaway, Gem & Jam, and Dirtybird Campout.
How does Unitea work?
Fans on the platform share music and create content to earn digital tokens called Karma. These karma tokens can be redeemed to earn exclusive rewards, from custom digital assets, concert tickets, to artist meet and greets. The tangible value of the reward helps drive engagement with fans, delivering valuable data to artists and brands who are using the app.
“We’ve cracked the code on deriving meaningful benefits through engage-to-earn within the music space,” adds Ketan Rahangdale, CEO of Unitea. “Unitea gives digital assets real purpose across the engagement cycle, empowering artists and brands to cultivate and grow a passionate fan base organically.”
“With the support of our investors, Unitea is primed to make fan engagement more authentic in a way that benefits everyone in the ecosystem. Whether it’s a musician, an artist, or a popular brand, Unitea makes it possible to gamify the engagement process and provide value across the board.”