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Friday, October 23, 2020

Jared Leto, Scooter Braun and Troy Carter are backing Moment House, a startup recreating live events… digitally

A pitch to offer artists a way to give geo-fenced, live events to fans around the world has brought the new Los Angeles startup Moment House $1.5 million in seed funding.

The money came from heavy hitters in the Los Angeles entertainment and investment scene, including Scooter Braun, Troy Carter, Kygo’s Palm Tree Crew and Jared Leto. Patreon chief executive Jack Conte and Sequoia Capital partner Jess Lee also participated in the round.

Forerunner Ventures led the deal and the investment was made by Kirsten Green, the firm’s famous founder and managing partner. Kevin Mayer, the former chief executive of TikTok; GV chief David Krane; Aaron Levie from Box; the tech media and entertainment guru, Matthew Ball; and product maestro Eugene Wei all participated in the round, as well.

Founded by Arjun Mehta, Shray Bansal and Nigel Egrari, the company grew out of work the three men did while attending USC and the USC Jimmy Iovine & Dr. Dre Academy for the Arts, Technology and the Business of Innovation. 

The company touts itself as the simplest way for artists to create online events for their fans.

For its first foray into live entertainment, Moment House is going to host a geo-fenced, location-specific tour for the musician Yungblud. Other ticketed events from Kygo, blackbear, Kaytranada, Denzel Curry and Ruel will follow, the company said.

For musicians, the company’s pitch of ticketing security, merchandise integrations and global payments support must have been music to their ears — because all of those features add up to one thing… cash.

And performers on the platform take all of the ticket revenues, with Moment House earning money by charging fans a small fee.

In a statement, company co-founder Arjun Mehta said that the company’s technology and service wasn’t a response to the COVID-19 pandemic, but rather a way to amplify the concert-going experience with an online approximation.

“Moment House is empowering artists to deliver digital experiences that feel authentic and compelling,” said Leto, in a statement. “I was drawn to the unique design-driven approach because that’s what is needed to create a new category here.”

 

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