US-based Livestream platform Mandolin has closed a $12 million Series A funding round, co-led by 645 Ventures and Foundry Group, with returning investments from High Alpha and Marc Benioff’s TIME Ventures.
Mandolin was co-founded in June 2020 by former Salesforce EVP and COO Mary Kay Huse (now Mandolin CEO), tech entrepreneur Steve Caldwell (Co-founder & CTO) and Robert Meitus, the startup’s Co-Founder & VP Artist Development.
The latest funding round comes eight months after the company secured $5m seed investment, with participation from High Alpha Capital, and Salesforce CEO Marc Benioff.
Since its formation in 2020, Mandolin has hosted more than 1,500 shows and over 305,000 fans.
The company has partnered with the likes of the #iVoted virtual festival in 2020, Tibet House US, The Ryman Auditorium, and City Winery.
Last month, Mandolin signed deals to exclusively partner with four in-person festivals this summer, including Lil Wayne’s UPROAR.
Nnamdi Okike, Managing Partner and Co-founder at 645 Ventures, will also be joining Mandolin’s board.
“Mandolin provides the best technology platform to enable livestreaming for artists, venues and fans, and they’re building a business to serve the needs of this fast-growing category.”
Nnamdi Okike, 645 Ventures
Nnamdi Okike said of the partnership: “At 645 Ventures, we believe that exceptional companies are being built that enable consumers to experience new behaviors that were accelerated during COVID-19.
“One of these categories is content livestreaming, and one of these companies is Mandolin.
“Mandolin provides the best technology platform to enable livestreaming for artists, venues and fans, and they’re building a business to serve the needs of this fast-growing category. We’re excited to lead their Series A round.”
“I’m thrilled to have Nnamdi join the Mandolin board.”
Mary Kay Huse, Mandolin
Mary Kay Huse, CEO of Mandolin, added: “I’m thrilled to have Nnamdi join the Mandolin board.
“His extensive experience in helping early stage SaaS and consumer tech companies reach the next level will be invaluable as we look to supercharge our growth and make Mandolin Live+ a household name.”
“We believe COVID-19 has accelerated the transition to a world where all in-person events are expected to be digitally simulcast.”
Ryan McIntyre, Foundry Group
Ryan McIntyre, partner at Foundry Group, said: “Because of our investment in High Alpha, Foundry Group has been tracking Mandolin’s progress with interest since it was founded.
“We believe COVID-19 has accelerated the transition to a world where all in-person events are expected to be digitally simulcast.
“Mandolin’s livestreaming platform is best-in-class, and we’ve enjoyed attending (virtually) many of the concerts presented on Mandolin’s platform since 2020. We are excited to be part of the Mandolin journey going forward.”Music Business Worldwide