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Old Feb 16, 2009, 04:29 PM   #1
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Smule Raises $3.9 Million in Venture Capital



MacDailyNews reports that Smule, creators of the popular iPhone applications Ocarina [App Store] and Zephyr [App Store], have raised $3.9 million in a round of venture capital financing led by Granite Ventures.
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Bessemer Venture Partners, the lead investor in Smule's first round, participated in this new round alongside existing investors Jeffrey C. Smith, co-founder and CEO of Smule, and Maples Investments. Smule will use the new funds to enhance its position as a leading developer of innovative applications and services for mobile users.
The $3.9 million round represents one of the largest announced funding events for iPhone-related companies and is particularly impressive given the recent economic downturn.

Previously, the iFund was announced in March 2008 by the venture capital firm Kleiner Perkins Caufield & Byers (KPCB) as a $100 million fund to support companies developing applications and services for the iPhone and iPod touch. KPCB later announced in September 2008 that they had funded five companies for a total of approximately $30 million.

Article Link: Smule Raises $3.9 Million in Venture Capital
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Old Feb 16, 2009, 05:18 PM   #2
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Always good to see increased investments/funding for worthy developers.
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Old Feb 16, 2009, 05:47 PM   #3
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I think it's a good sign of continued development of an ecosystem around the iPhone. If this continues and the premium games rumor turns out to be correct and/or other actions are taken to onboard more established developers, this all bodes very well for the App Store.
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Old Feb 16, 2009, 08:24 PM   #4
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Not only is this good for developers, but Apple is banking a lot of money from these high selling apps. It would be interesting to see the total revenue that has revolved around the app store alone over the past 7 months.
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Old Feb 17, 2009, 11:21 AM   #5
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great news! looking forward to seeing what comes out of this
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