Mandolin Raises $12M for Concert Livestreaming Platform

Mandolin Secures $12 Million in Series A Funding

The Indianapolis-based startup, Mandolin, recently celebrated its first anniversary and simultaneously announced a successful $12 million Series A funding round. This follows a $5 million seed investment secured in early October of the previous year.

The timing of Mandolin’s launch and subsequent growth coincided with the global pandemic, proving to be remarkably advantageous for a concert streaming platform.

Investment Details

This oversubscribed funding round was jointly led by 645 Ventures and Foundry Group. Additional investment came from existing stakeholders, including High Alpha and TIME Ventures, backed by Marc Benioff.

Navigating the Post-Pandemic Landscape

A key consideration is how Mandolin will adapt as live events resume and venues reopen. Livestreamed concerts experienced significant growth during periods when touring was impossible for artists.

However, the company is proactively addressing this shift.

The "Live+" Strategy

CEO Mary Kay Huse stated that “Live+ will become a crucial digital addition, enhancing live shows” as artists return to performing in front of audiences. The new funding will be allocated to innovation, new digital products, and strengthening market reach.

The goal is to ensure that every show benefits from the “Live+” experience.

Expanding Beyond Streaming

While the statement regarding “Live+” is somewhat conceptual, Mandolin is actively developing ways to integrate digital experiences with in-person events.

The company envisions creating a companion app to enhance the concert experience.

In-Venue Digital Engagement

Huse shared with Variety that the company aims for 50% of in-person attendees to engage with digital content during shows, potentially by the end of the year. This relies on creating compelling content that encourages participation.

Continued Focus on Streaming

Despite the anticipated shift, Mandolin will continue to support and develop its streaming services, recognizing that demand will persist even after the pandemic subsides.

Furthermore, Nnamdi Okike, Managing Partner at 645, will be joining Mandolin’s board of directors.

Industry Perspective

Okike emphasized the transformative impact of livestreaming during the pandemic, benefiting both fans and artists. He believes Mandolin offers the leading technology platform for these experiences and is well-positioned for growth in this evolving market.

Livestreaming has provided a vital connection during challenging times, and Mandolin is poised to capitalize on its continued relevance.