Music tech firm ROLI lands $27m Series B round
London-based business will use BGF Ventures-backing to meet "soaring" demand and enter new markets
ROLI, a music technology start-up, has raised a staggering $27m in a Series B funding round led by Business Growth Fund (BGF) Ventures – the fund headed up by LOVEFILM’s Simon Calver – and the Founders Fund.
Previous investors Balderton Capital and FirstMark Capital Index Ventures, Horizons Ventures and Universal Music Group also participated in the round.
Founded in 2009, London-based ROLI creates connected instruments, as well as software, platforms and developer products including MIDI controller Seaboard RISE, music-making app NOISE and music collaboration community Blend.io.
The start-up recently opened offices in New York and Los Angeles, following its acquisition of cloud-based music sharing platform Blend.
The finance will be used to scale up to meet growing demand, expand into new markets and bolster its product, engineering and marketing teams in North America and Europe.
Roland Lamb, founder and CEO of ROLI, commented: “We’re thrilled to be partnering with some of the world’s most experienced investors as we revolutionize how people express themselves through music. And as we continue this journey, we are looking for everyone — from coders and makers to composers and musicians — to join the ROLI team as we change the shape of music.”
Ryan McIntyre, partner at Foundry Group, continued:
“We’re tremendously excited to be working with Roland and the ROLI team to transform and connect how people make music. The Seaboard is a truly expressive new instrument, and we believe this is just the first step in a breakthrough road-map for connected music.”