San Francisco-based music apps maker Smule scores $16.6M in new funding
Social music apps maker Smule has secured $16.6 million in a new funding round. Roth Capital Partners was the lead investor in the financing, according to TechCrunch.
Existing investors Bessemer Venture Partners, Granite Ventures, and Shasta Ventures also participated in the round. The latest fundraising brings Smule's total raised capital to $42 million, the report added.
According to chief executive officer (CEO) Jeff Smith, Smule will use the capital infusion to develop its products including Smule Nation. The company will also start expanding internationally, starting with Asia. In addition, the apps maker is set to release its new products this year and grow its existing ones. The CEO added that an initial public offering is also in his future plans, the report detailed.
Established in 2008, Smule makes apps that serve as channels for users to share their performances online. Since its launched Smule Nation last year, the firm's traffic as seen a triple growth in its monthly visitors, TechCrunch reported.