Social Music Company Smule Raises $16.6 Million

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Smule launched a new social network last year around sharing music created through its suite of apps, and today raised $16.6 million in new funding.

Led by ROTH Capital Partners, previous investors Granite Ventures, Bessemer Venture Partners and Shasta Ventures were also part of the round.

CEO Jeff Smith says the money will be used towards further developing existing products such as social network Smule Nation, and expanding internationally.

Here’s some quick stats about the company:

-Q1 2014 sales doubled year-over-year
-Expected to hit $30 million in sales for 2014
-80 percent of income via subscriptions, 20 percent via advertising
-Monthly unique users are now at 18 million, doubling from nine million
-Smule Nation sees 1.5 million unique monthly visitors

Based out of San Francisco and founded in 2008, Smule has raised over $42 million to date, and currently employs 55 people.

Photo credit: Karen

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