LABEL Foundation’s Operating Firm “Clesson Co., Ltd” Raises $2M Equity Investment from The Leading Institutional Investors 

LABEL Foundation has announced that its operating firm Clesson Co., Ltd has successfully secured $2 million in funding from notable institutional investors, including eBest Investments and Groom Investments. The firm has hinted that it plans to dedicate the funds towards the further development of its cutting-edge non-fungible token (NFT) infrastructure for the entertainment ecosystem.

LABEL Foundation Raises $2 Million 

LABEL Foundation (LBL), an entertainment-education platform that uses distributed ledger technology (DLT) and non-fungible tokens (NFTs), to eliminate middlemen in the entertainment ecosystem and offer users fair profit sharing and distribution system, has secured $2 million in equity funding from its strategic partners.

According to a press release shared with crypto.news, Clesson, the parent company of LABEL Foundation, has received equity funding from eBest Investment and Groom Investment.

For those who are unaware, eBest Investment & Securities Co., Ltd (formerly E*Trade), is a South Korean company that’s considered to be one of the top asset management firms on the Asian Continent. eBest Investment & Securities Co.Ltd offers its clients investment services such as futures trading, stocks, dealing and underwriting of securities businesses, and more. The firm operates through research, investment banking and retail sales. eBest currently boasts $1 billion in assets under management (AUM).

Founded on December 15, 1999, and headquartered in Seoul, the international business unit of eBest offers cash equity, exchange-listed derivatives, cash bonds, and overseas equity markets. The research unit is dedicated to conducting research on equity market and investment strategies. eBest’s investment banking arm offers users corporate finance solutions, debt capital market, structured and project finance and more. The retail sales unit provides clients with offline and online brokerage services, investment services and more.

Groom Investment, on the other hand, is an investment fund that has stood the test of time. Groom Investment holds a portfolio made up of notable brands including CrowdWorks (Pre-IPO stage), The SmartStudy, Bespin Global (accumulated investment of 209 billion KRW), and Caroom.

According to the LABEL team, the newly raised funds will accelerate the development of the MOOC and Music NFT infrastructure and bring more talented intellectual property holders into the platform.

At present, the intellectual properties of various highly-reputed artists, including Docsksm (BTS producer), Aaron Spears (ex collaborator with Lady Gaga, Lil Wayne), and Philip Lassiter (11-time Grammy winner), among others, are now part of the LABEL Foundation.

“Our team is willing to work towards improvements in the music industry, by solving the biggest issues related to unfair profit-sharing due to intermediaries’ lion’s share. Since we have huge expertise in the music and entertainment industry, we are aware of what kind of obstacles talented people face in the traditional music industry,” declared the LABEL Foundation.

Previously, LABEL’s core team announced the launch of OPENTRACK 2.0. The new version offers improved interoperability with the LABEL dApp. The newly released version further facilitates the transition of the IP rights, fostering transparency. The app is also user-friendly and runs smoothly.

LABEL Taking Entertainment Education to the Next Level

It’s no news that musicians, entertainers, and content creators across various jurisdictions around the globe still do not get enough royalties for their hard work, partly due to the presence of too many intermediaries in the creative industry, as well as a plethora of other factors.

In recent years, artists and top players in the entertainment industry have made legal efforts to force those at the top of the hierarchy to pay more royalties for their works. However, the longstanding issue of lack of adequate compensation for creatives remains a pain in the neck of entertainers.

According to Citigroup’s research on music profit distribution, artists receive only a meager fraction of profits made from their songs by music companies or 12 percent of the total revenue. This worrying disclosure has spurred the LABEL Foundation to tap the revolutionary blockchain technology to bring transparency and P2P use cases into the creative ecosystem, to eliminate intermediaries. 

For those who are unaware, the LABEL Foundation is dedicated to pioneering change in the MOOC and music industry by utilizing distributed ledger technology (DLT). The LABEL Foundation core team focuses on building a robust and highly efficient non-fungible tokens infrastructure for content creators, musicians, and fans, while its sister company, OPENTRACK, an Ableton certified firm, takes care of the IP part of the project.

Once the development of the LABEL ecosystem is finalized, the LABEL Foundation promises to provide fair profit distribution for artists, P2P investments and totally eliminate all forms of high barriers to entry into the music industry. LABEL has also inked a strategic partnership deal with Ankr, a project that utilizes shared resources to provide easy and affordable blockchain node hosting solutions. 

The LABEL Foundation team has noted that it firmly believes its recent deal with Ankr is a strong indication of the ongoing progress it’s making.

Since its launch in 2020, the LABEL Foundation has been making significant progress in its primary objective of fostering fair revenue distribution and sharing in the entertainment ecosystem, to make life better for artists and content creators.

Based in South Korea, LABEL Foundation is a decentralized autonomous organization and a multichain project that expertly combines the decentralization of blockchain technology plus the intricate properties of non-fungible tokens (NFTs) to forge a robust and fair profit-sharing system with the permissionless integration of intellectual property (IP) rights.

That’s not all, LABEL Foundation has also put in place a fully decentralized peer-to-peer (P2P) incubating platform designed to enable the project to invest in world-class entertainment-education platforms through its highly transparent DAO voting system.

The LABEL Foundation ecosystem has attracted a vast array of heavy hitters in the entertainment industry, including three-time Grammy award winner, Mark Lettieri, six-time Grammy winner, Robert Sput Searight, and a host of others. 

It will be recalled that LABEL Foundation also raised $1 million during its private sale round in October 2021. Some of the institutional investors that participated in the round include HG Ventures, Mindfulness Capital, IOST, M6, and more.

At press time, the price of the LABEL (LBL) token is sitting around $0.01957, according to CoinMarketCap.