(CelebrityAccess) — Event livestreaming platform Mandolin announced it has closed on a $12M round of A-Series funding that was co-led by venture capital firm 645 Ventures and fund management company Foundry Group.
According to Mandolin, the funding round also included new investments by s from High Alpha and Marc Benioff’s TIME Ventures, who had previously provided financial backing for the company.
As part of their investment, 645 Ventures’ Managing Partner and Co-founder Nnamdi Okike will join Mandolin’s board.
The successful fundraising round follows a bleak year for the live entertainment business that saw artists and concert companies pivot towards livestream events as in-person shows were put on hold as city and state public health officials sought to limit the spread of Covid-19. Companies such as Mandolin were well-positioned to capitalize on the shift.
“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,” Okike 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,” noted Mandolin CEO Mary Kay Huse.