MIDNIGHTWAVE Raises Seed Funding to Build Music IP-Driven Entertainment Brand

Korean entertainment startup MIDNIGHTWAVE has closed a seed funding round from Mashup Ventures and Schmidt.

The Seoul-based company describes itself as a music IP-driven entertainment business, building proprietary content assets through in-house music production capabilities and a network of more than 30 owned media channels that collectively generate over 500 million views per month. Rather than relying on individual artist management, MIDNIGHTWAVE centers its revenue model on concept-driven project albums — a format it sees as well-suited to the creator-led shift reshaping global music markets.

The company was co-founded by June Lee (stage name JUNE, formerly of KIXO), a singer-songwriter and producer known for tracks including “Is Love a Sin? (feat. 10CM, B.I)” and “Let’s Call It Love (feat. 10CM),” and Seunghyun Lee, an entrepreneur with experience running an online distribution business and Wave Magazine, a culture media outlet. Last November, the pair released their first project single, “When the First Snow Falls,” in collaboration with EXO member Suho, and the company plans to expand partnerships with artists across genres both domestically and internationally. Midnightwave is also preparing to launch its own merchandise collection this year, with cross-category collaborations in fashion and lifestyle spaces in the pipeline.

The company’s AI agent platform “OnWave,” which automates the music production workflow with K-pop-specific features, was cited as a key factor in the investment decision. Through Mashup Ventures’ recommendation, Midnightwave was also selected for the government-backed TIPS program, securing up to approximately $575,540 (KRW 800 million) in R&D funding.

“We see enormous business potential in music IP as an expandable asset class,” the co-CEOs said. “By internalizing both production and marketing capabilities, we aim to grow into a global entertainment company that generates recurring revenue from its own IP.”

Eunwoo Park, partner at Mashup Ventures, said the firm decided to invest based on Midnightwave’s accumulating IP assets and its diversified business model spanning commerce and media. “We believe the company has strong potential for global growth,” he added.