RootMusic—the San Francisco-based company that developed the BandPage Facebook application for musicians—announced today that it raised $16 million in Series B expansion led by GGV Capital. New investor Northgate Capital and existing investor Mohr Davidow Ventures (MDV) also participated. As part of the fund, Hany Nada, partner at GGV, has joined the board. The company has now raised $18.3 million in funding, having previously raised a Series A round from MDV and seed funding from individual investors Rusty Rueff, Jason Johnson and Larry Marcus (a managing director at Walden Venture Capital and an investor in Pandora Media).
BandPage by RootMusic Raises $16 Million in Expansion Financing
250,000 Bands and Over 30 Million Monthly Active Users Make BandPage the #1 Music App on Facebook
SAN FRANCISCO, CA–(Marketwire – August 31, 2011) – RootMusic, developers of BandPage (http://www.rootmusic.com/intro), the leading platform for musicians on Facebook, today announced that it has closed a $16 million Series B expansion round of funding to provide a more effective and efficient experience for musicians and fans online. The round was led by GGV Capital with new investor Northgate Capital and existing investor Mohr Davidow Ventures.
Since its launch less than a year and a half ago, BandPage has grown to over 30 million monthly active users, making it the #1 music app on Facebook and the 6th largest overall app according to AppData. BandPage has established itself as the primary platform for music on Facebook in the same way Zynga has for games. With monthly users up nearly 10x from January 2011, BandPage is the solution for bands and artists across all genres to connect directly with their fans on Facebook. Artists such as Rihanna, Katy Perry, Arcade Fire, Bon Iver, and Kanye West as well as 250,000 bands around the world use BandPage to support and build their businesses online.
According to Founder and CEO J Sider, “Every person at RootMusic is dedicated to the artist, fan and innovative technology. We work every day to continually improve the BandPage platform. We speak directly to artists, labels, and management companies and are always open for their feedback — this product is for them and we’re just getting started.”
GGV Partner Hany Nada will join the Board of Directors that also includes Bill Ericson from Mohr Davidow, Larry Marcus and Robert Kavner.
“With its emphasis on bands, RootMusic understands that a direct connection to fans is critical as social networks and music distribution evolve,” said Hany Nada, Partner, GGV Capital. “J was recently named to Billboard Magazine’s ’30 Most Influential People in Music Under 30′ and has put together an extremely talented team that is ahead of the curve on how technology is shaping the dynamics for musicians online.”
“We are very pleased to have GGV involved with the company based on their track record of success and helping companies to scale,” said Sider. “We have a keen focus on our bands and users, and this financing will help us expand our team to further meet the needs of our customers, creating effective experiences and capabilities as well as integrating with strategic partners. We have a great passion for helping artists and fans around the world and that will continue to be our main focus as we grow.”
RootMusic helps musicians Make the Move to BandPage on Facebook, creating the first overall solution for musicians on Facebook. BandPage is a platform where musicians can share music, videos, photos, tour dates and Twitter feed with their fans on Facebook on a clean, easy to use page. With BandPage Plus, musicians can fully customize their fan page to create a fully branded experience for their fans. RootMusic is headquartered in San Francisco, CA and backed by Mohr Davidow Ventures, GGV Capital, Northgate Capital and Larry Marcus. For more information, visit RootMusic.com.
About GGV Capital
GGV Capital (formerly Granite Global Ventures) is an expansion stage venture capital firm focused on the United States and China. GGV Capital manages more than $1 billion from its offices in Silicon Valley, Shanghai, Beijing and Singapore. The firm invests across a range of sectors in information technology, services and healthcare, as well as the consumer growth sector in China.
Eleven of GGV’s portfolio companies have completed initial public offerings (IPOs) in since the beginning of 2010 across five different exchanges (NASDAQ, NYSE, HKSE, Shenzhen and Shanghai).
Representative investments include 21Vianet, Alibaba Group, AAC Acoustic, AthenaHealth, China Talent Group, Duowan/YY, hiSoft, Meihua Group, Pandora, QuinStreet, SuccessFactors, Square and Tudou. For more information, visit www.ggvc.com.
About Mohr Davidow Ventures
For more than 25 years, the Mohr Davidow team has invested in early stage startups and worked closely with exceptional entrepreneurs to create venture returns by developing and bringing to market new, technology-based ideas, products and services. The firm invests in companies that transform industries whether through better infrastructure for our rapidly evolving data-intensive digital world, more efficient power for our planet, or better, more personalized medicine. Category-leading companies funded by Mohr Davidow include: Agile; AudienceScience; Brocade; Genomatica; Kabbage; Nanosolar; nLight; ONI Systems; Rally Software; Recurrent Energy (acquired by Sharp Corporation); Pacific Biosciences; Panasas; ParAllele; ParAccel; Proofpoint; OPXBIO; RainDance Technologies; Rally Software; Rambus; Shutterfly; Simbol Materials; Ticketfly; Visible Measures; and ZeaChem. The firm has $1.85 billion under management. For more information, visit www.mdv.com.
About Northgate Capital
Northgate is a global private equity and venture capital firm that focuses on investments in buyouts, venture capital, growth capital, and distressed/special opportunities. Formed in 2000, the firm manages over $3 billion in assets across ten private equity and venture capital fund-of-funds and six direct venture capital funds. Northgate has a deep and experienced investment team spanning offices in the San Francisco Bay Area, London, Hong Kong and New Delhi. With a rigorous investment approach and an unparalleled network of relationships with many of the world’s top-performing private equity and venture capital funds, Northgate’s goal is to deliver exceptional risk-adjusted returns to its institutional and family clients. www.northgatecapital.com