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Smule secures $12 million in venture capital

Music app specialist closes successful round lead by Shasta Ventures

Smule, maker of popular music-based apps such as Ocarina, I Am T-Pain and Glee Karaoke has raised $12 million in venture capital funding in an investment round lead by Shasta Ventures.

Granite Ventures and Bessemer Ventures were also involved in the round, which will be used to accelerate company growth.

"Our management and board concluded we needed to take more aggressive steps to dominate the burgeoning market for mobile social music," said Smule CEO Jeffrey Smith.

"The key metrics are up in Smule's business, including sales, downloads, and monthly active users, which have grown 200 percent year over year."

The company has previously staged an investment round which raised $13.5 million in funding, leading the company to predict that it would double its staff size of 23 during the course of 2011.

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