Smule has announced that they’ve raised $38 million in equity and debt funding. The round was led by Adam Street Partners. Previous investors who also participated in the round include Bessemer Ventures, Shasta Ventures, and City National who provided the debt financing.
Dave Welsh, a Partner at Adams Street, is joining Smule’s board.
The company will use the money for marketing, product development, and international expansion.
Smule’s suite of apps includes Sing! Karaoke, Magic Piano, Songify, and many others. The company says their users perform 12 million songs a day through their apps. They also say users record 1.5 TB of content every day.
In 2014 Smule’s revenue was $40 million. They have 350,000 subscribers.
Nina Ulloa covers breaking news, tech, and more: @nine_u
Photo by http://401kcalculator.org on Flickr used with the Creative Commons License