Mindset, an artist-driven psychological wellness audio platform, raises $8.7M from Scooter Braun’s TQ Ventures and others
Mindset, a platform that includes private story collections from recording artists, introduced as we speak that it raised $8.7 million in seed funding.
As co-founders of the Ok-pop-focused podcast manufacturing firm DIVE Studios, brothers Brian Nam, Eric Nam and Eddie Nam observed that the studio’s best-performing content material got here from podcast episodes the place stars mentioned how they deal with struggles of their private lives. So, the Nam brothers got here up with the concept for Mindset, an off-shoot of DIVE Studios.
“We discovered that this was a singular promoting level individuals actually wished extra of — so we began to consider methods to essentially double-down on that side,” stated CEO Brian Nam. “How do we offer extra of this invaluable content material to Gen Z and younger millennial audiences? We determined that there wasn’t actually the proper of platform on the market for one of these storytelling, so we determined to develop our personal cell platform to uniquely share these tales in an audio format.”
In its present format, Mindset options 4 audio collections from artists like Jae, Tablo, BM and Mindset co-founder Eric Nam, who occurs to be a Ok-pop star himself. Every assortment has 10 episodes of round 10 to twenty minutes lengthy — the introductory episode is free, however to realize entry to the remainder of a person artist’s assortment, customers should pay $24.99. The app additionally has free Boosters, that are Calm-like, five-minute clips of bedtime tales and motivational mantras.
“Up till now, the first supply of earnings, particularly for musicians, has been touring, music streams after which perhaps some endorsement offers, however we’re capable of unlock this fourth one, which is monetizing your tales,” Nam stated. “The pricing is just like how they may value a ticket, or how they’d promote merchandise.”
Mindset isn’t meant to be a remedy app. “We’re not licensed therapists, we don’t attempt to act like we’re,” Nam stated. Relatively, it’s a method for artists to share extra intimate experiences with their followers to indicate that behind they music, they’re individuals too.
Mindset launched in an MVP (minimal viable product) model in February. Nam declined to share energetic person or income numbers, however stated that the app gained sufficient traction that by Might, it raised enterprise funding. The $8.7 million spherical is led by Union Sq. Ventures with strategic contributors like report govt Scooter Braun (of TQ Ventures), who has extra not too long ago made headlines over the Taylor Swift masters controversy. Different backers embody Twitch co-founder Kevin Lin, Opendoor co-founder Eric Wu, and extra.
“Scooter Braun was a strategic investor,” Nam informed ahosti.
Braun has additionally labored with artists like Ariana Grande, Justin Bieber and Demi Lovato.
“He’s actually opened loads of doorways for us to department out into the Hollywood and Western house, the place we historically got here from the Ok-pop house,” Nam added.
Mindset is placing its seed funding towards content material creation, hiring and product improvement. The app is at present accessible on iOS and Android, however it’s going to formally launch on September 14. After that, Mindset will launch one other audio assortment from an artist or actor each two weeks. Nam declined to share who these artists might be.