Web3 music revenue share protocol Reveel has announced a $1.3 million pre-seed funding round.
The pre-seed was led by Binance Labs and Moment Ventures. Reveel was part of Season 4 of Binance Labs’ Incubation Program, the company’s investment arm. The company aims to make collaboration easier by providing transparency and equity for creators through the development of tools that makes the administrative side of revenue sharing and royalty accounting as easy as possible.
Reveel says it will use the newly raised capital for staff expansion and product development of its web3 collaboration financial infrastructure and on-chain revenue management tools suite. The company says the emergence of web3 and NFTs has accelerated the trend of creative collaboration by giving creators more ways to monetize their content.
Collaborating in this way requires complex business administration to design and execute agreements on how collaborators share revenue. Reveel aims to give creators a way to manage their business with a simple way to share on-chain revenue by providing a financial stack for web3 collaboration.
“For web3 technology to facilitate collaboration and deliver on its promise to creators in shifting the power back from intermediaries to end users, many building blocks still need to be developed – with one being a financial stack that offers creators a fluid revenue sharing and revenue management solution,” says Adrien Stern, CEO & Founder of Reveel. “Reveel provides transparency and equity to enable collaboration and automate on-chain business tasks so creators can focus on what they’re good at – creating.”
Reveel enables creators to understand their on-chain income and automate the distribution of revenue amongst collaborators, rights holders, and partners.
Through its revenue share protocol, Reveel allows creators to design and deploy their own smart contract to automatically split on-chain revenue with collaborators. Additionally, the ability to track entire NFT drop catalogs, and segment a collector base, makes Reveel a complete web3 business management platform.