AMP Global Partners With MaC Venture Capital Raising $5.6 Million To Expand Its Blockchain-Based Video Platform

Building and scaling category-leading companies requires hands-on support in areas such as operations strategy, brand building, recruiting, and mission-critical introductions.

MaC Venture Capital, a seed-stage venture capital firm, is contributing to that expansion strategy by investing in technology companies that leverage on shifts in cultural trends and behaviors.

With a $2 million investment, the LA-based VC completed the $5.6 million seed round of African startup AMP Global Technologies. MaC has a strong relationship with the entertainment powerhouse MACRO CRO , which is led by Charles D. King and has received 15 Oscar nominations and three wins since its debut in 2015.

AMP Global Technologies is developing the world's first blockchain-based video entertainment platform. Derrick N. Ashong, AMP Global's Ghana-born, Harvard-educated founder and CEO, created the Take Back the Mic (TBT TBT M) platform, which is powered by an Ether ETH eum-compatible blockchain, to reward fans and creators for building movements around great content. On the platform, fans can earn points that can be exchanged for digital currency that can be used to purchase mobile data.

The interactive talent competition and docuseries The Mic, which is their flagship program, has garnered two Emmy nominations, two Telly Awards (Gold & Silver) in competition with Netflix NFLX , HBO, and Disney+, a Murex D'Or Award, nearly a billion media impressions globally, and five Times Square billboards in New York City. With the recent opening of its office in Dubai, AMP Global is now also present in Hollywood, Buenos Aires, and Mauritius, an East African island.

The work of the company lies at the crossroads of technology and entertainment. AMP is a one-of-a-kind platform that not only uses blockchain technology to motivate people to access and engage with award-winning content through its play-to-earn model, but it also advocates for and creates revenue options for artists, distribution partners, and global brands.

Africa has the highest mobile data pricing in the world, making it more expensive and challenging for young people to access the internet. Ashong used his experience working for the biggest names in entertainment, including Oprah Winfrey, Steven Spielberg, and ABC-Disney, as a proof of concept for the company's technology to develop an original interactive content property that offered rewards to viewers and artists who used the TBTM platform to cast the show. The online series was selected as a "Outstanding Interactive Program" finalist for two consecutive Emmy Awards.

In an effort to tackle the difficulty that young people in Africa have in accessing the internet, AMP is developing the 70x ZRX 25 moonshot initiative with partners in the public, private, and creative sectors to bridge Africa's digital divide.

"Through 70x25, we will work to increase high-speed internet usage on the Continent to 70% by the end of 2025, enabling the world's youngest and fastest-growing population to participate in the global economy. We link the hugely significant cultures of the African Diaspora to the growing wave of cultural innovation coming from Africa itself through connecting the continent,” tells Ashong.

Ashong says they are honored and eager to work side by side with their role models as a company that sits squarely at the intersection of Technology and Entertainment.

"MaC was actually our top pick, so obtaining this endorsement from them means the world. It is impossible to overstate the influence that [MaC Managing General Partner] Marlon Nichols has had on Silicon Valley, while [General Partner] Charles D. King's influence in Hollywood needs no introduction,”Ashong declared.

Marc Byers, a former Motown general manager and AMP's innovation advisor, was one of the major leaders in the business who fully grasped the consequences of this change. Marlon Nichols and Charles King were introduced to Amp Global by Byers, who also identified MaC as the ideal VC partner. For the purpose of what the company does, a tech fund working with a Hollywood studio was the ideal match.

“Although most tech investors don't understand the media/entertainment business, it has long been our belief that the future media titans will in fact be tech companies,” adds Ashong.

Ashong believes AMP’s mobile data strategy makes it simpler to inform individuals in the Global South about the importance of blockchain technology.

“It's a straightforward offer to consumers: "I can use the TBTM (Take Back the Mic) app to engage with material I enjoy and earn points that can be converted into "Kola," a virtual currency that I can use to buy mobile data. Simple incentive structures like this one show how useful blockchain technology is in real-world applications,” expressed Ashong.

AMP is delighted that MTN Group has agreed to sponsor Season 3 of "The Mic: Africa," their internationally acclaimed interactive talent search program designed to empower and identify outstanding young artists across the continent.

According to MTN, this production serves as a physical representation of its dedication to locating and providing "do-ers" from all over Africa with a platform to use their voice in response to the question, "What are we doing today?"

The public will be able to watch "The Mic: Africa" across 20+ African countries on premium free satellite TV as well as in the premium free channel in the ayoba Superapp, in addition to seeing it on the TBTM app and web platform (tbtm.app).

When it comes to upcoming consumer-relevant solutions that support financial and digital inclusivity, Ashong says, "With our world-class content, the TBTM app is turning into a gateway to the internet for a generation of entrepreneurial youth across the Global South, and our Kola digital currency is offering a new way for brands and creators to reward their biggest fans."