Palo Alto, Calif. – Smule, a Palo Alto-based developer of mobile music apps and games, said it has raised $12 million in a new round of funding, led by Shasta Ventures.
Granite Ventures and Bessemer Ventures also participated in the round, which the company will use to accelerate growth.
“Our management and board concluded we needed to take more aggressive steps to dominate the burgeoning market for mobile social music,” said Jeffrey Smith, co-founder and chief executive officer. “The key metrics are up in Smule’s business, including sales, downloads, and monthly active users, which have grown 200 percent year over year.”
Smule’s products include Ocarina, I Am T-Pain, Glee Karaoke, Magic Fiddle and the recently introduced MadPad. The company’s new free-to-play Magic Piano app has so far been installed on over 5 million iOS devices.
This article was also published in Bay Area Tech Wire.