INDIANAPOLIS — June 30, 2021 — Mandolin, the tech-focused digital fan engagement company, has closed a $12M Series A funding round, co-led by 645 Ventures and Foundry Group, with returning investments from High Alpha and Marc Benioff as well.
As the US reaches an inflection point, and live events return in full force, the investments serve as a major VC endorsement of music livestreaming as a permanent solution born out of the pandemic and reinforced by the industry’s (and fans’) willingness to embrace the change in engagement – and an endorsement of Mandolin as the player to capture this meaningful sector of the $30B+ live music industry.
Nnamdi Okike, Managing Partner and Co-founder at 645 Ventures, will also be joining Mandolin’s board. He said of the partnership:
“At 645 Ventures, we believe that exceptional companies will be built coming out of COVID-19 that enable consumers to experience new behaviors. 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.”
Mary Kay Huse, CEO of Mandolin, said:
“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.”
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.”
Pollstar’s 2021 “Best Livestreaming Platform,” Mandolin will use the funding from this round to accelerate the expansion of its livestreaming and digital experiences, to continue to innovate as the data and software leader in the field, and to invest in go-to-market resources. Since its founding in 2020, Mandolin has wielded its exceptional technology background to host more than 1,500 shows and over 305K fans, partner with the likes of #iVoted (the largest virtual festival of 2020), Tibet House US, The Ryman Auditorium, and City Winery, and provide its artist/venue clients with lucrative data and analytics that they couldn’t get before livestreaming. Mandolin recently announced its latest technology, Live+, a platform built as a “digital amplifier” for the hybrid live event future. Read more about Live+, which will be a specific focus of the funding from this Series A round, in Variety here.