Mashup Ventures and Schmidt Invest Seed Funding in Music IP Entertainment Company 'Midnight Wave'

Co-CEOs Lee Seunghyun and Lee Junhee... Selected as a TIPS Company
Track Record Includes Release of "When the First Snow Falls" with EXO’s Suho

Midnight Wave, a comprehensive entertainment company specializing in music intellectual property (IP), announced on May 12 that it has secured seed investment from venture capital firms Mashup Ventures and Schmidt.

Midnight Wave is an entertainment company that creates unique IP assets by leveraging its music production capabilities and proprietary media channels. In the global music market, which is shifting towards creator-centric models, the company positions project-based albums as its core revenue source. It operates an independent marketing network based on more than 30 media channels, which collectively exceed 500 million monthly cumulative views.

The company’s co-founders are CEOs Lee Junhee and Lee Seunghyun. CEO Lee Junhee (stage name: Jun, formerly Kijo) is a singer-songwriter and producer with a track record that includes songs such as "Is Love a Crime? (Feat. 10CM, B.I)" and "Let’s Call It Affection (Feat. 10CM)." CEO Lee Seunghyun is an entrepreneur who has managed an online distribution business and the culture media outlet Wave Magazine.

Last November, Midnight Wave released its first project single, "When the First Snow Falls," in collaboration with Suho of EXO. The company plans to expand collaborations with artists from various genres in the future. In addition, this year, it will launch its own collection of merchandise and pursue collaborations with fashion and spatial brands based on its music IP.

On the recommendation of Mashup Ventures, Midnight Wave was selected for the TIPS program, overseen by the Ministry of SMEs and Startups, securing up to 800 million won in research and development (R&D) funding. The company was recognized for the technological capabilities of "Onwave," its artificial intelligence (AI) agent that automates the entire music production process to suit the characteristics of K-pop.

Co-CEOs Lee Seunghyun and Lee Junhee stated, "Midnight Wave will establish itself as a global entertainment company that internalizes production and marketing capabilities to generate continuous revenue through its own IP."

This content was produced with the assistance of AI translation services.