The Broadway Exchange Raises $2 Million in Seed Funding Led by Christine Schwarzman's Broadway Production Company, No Guarantees - and Announces Extension of the Round to $3 Million

NEW YORK, Feb. 21, 2023 /PRNewswire/ -- The Broadway Exchange today announced that it has raised $2 million in seed funding, led by Christine Schwarzman's Broadway production company, No Guarantees. The Broadway Exchange also announced that it is extending its Seed Round by an additional $1 million, as it continues to build the market for live theatre digital collectibles.

The Broadway Exchange works with theatrical partners to create digital collectibles, based on their intellectual property, and offer them for sale in its marketplace, where they can be bought, traded, and shared by fans. The company, which is owned by MuseWorks Labs Inc, is committed to helping live theatre thrive in a digital economy by partnering with Broadway, off-Broadway, London's West End, and regional productions to build deeper connections with fans. The Broadway Exchange gives fans a new and exciting way to engage with shows, collect and share their favorite moments, receive behind-the-scenes content, and win rewards, such as tickets, merchandise, and exclusive experiences.

The existing and anticipated funding will support the company's continued efforts to grow its active user base and extend its market-leading position in technology, marketing, and content.

"We're grateful to our investors, including leading Broadway producer No Guarantees, for their passion and foresight to truly understand the value of bringing live theatre into the digital and web3 world," said Ron Guirguis, CEO of MuseWorks Labs. "It is clear that digital collectibles represent an exciting and vibrant pathway for connecting with passionate fans, and an essential new revenue stream for theatre productions and creators.  And our current and planned funding will give us the resources to build on our amazing early success and continue to be the dominant player in this space."

The Broadway Exchange launched its beta platform in May 2022 and has worked with more than a dozen theatrical partners to date, including Girl from the North Country, 2:22 A Ghost Story, May We All, and Broadway Cares/Equity Fights AIDS. Most recently, the company partnered with Andrew Lloyd Webber's latest musical, Bad Cinderella, in advance of its opening on Broadway in March 2023.

"I'm looking forward to being part of the success of The Broadway Exchange and to join them in this endeavor," said Christine Schwarzman, founder and President of No Guarantees, a three-time Tony Award winning production company. "Broadway, and live theatre in general, continues to evolve and will find new ways to capitalize on technology and create additional sources of income. Digital collectibles are a significant next step in that direction."

About The Broadway Exchange
The Broadway Exchange is a Digital Collectibles marketplace dedicated to helping live theatre thrive in the digital economy so that everyone benefits. We partner with the theatre community to create, promote, and sell compelling Digital Collectibles and amazing experiences that build deeper connections between fans and creators. The Broadway Exchange recently partnered with Dapper Labs to move to the Flow blockchain, where minting collectibles on the chain requires less energy than an Instagram post or Google search.

About No Guarantees
No Guarantees is a Tony Award-winning, theatrical production company led by Christine Schwarzman (President) and Darren Edward Johnston (Executive Vice President). No Guarantees is excited to bring Andrew Lloyd Webber's Bad Cinderella and James Ijames' Pulitzer Prize-winning play Fat Ham to Broadway this season. Previously, No Guarantees opened the world premiere of Saheem Ali, Jocelyn Bioh, and Michael Thurber's Goddess at Berkeley Repertory Theatre. No Guarantees executive produced the UK's National Theatre film adaptations of Romeo and Juliet (starring Josh O'Connor and Jessie Buckley) and Death of England: Face to Face (nominated for a 2022 BAFTA award). Additional No Guarantees productions include Hadestown (Tony Award for Best Musical), The Lehman Trilogy (Tony Award for Best Play), Company (Tony Award for Best Revival of a Musical), Leopoldstadt, Funny Girl, and, Off-Broadway, David Henry Hwang and Jeanine Tesori's Pulitzer Prize finalist Soft Power.

SOURCE The Broadway Exchange