US-based livestreaming platform developer Maestro has raised $15m in its series B round from a consortium including internet company NetEase and entertainment producer Sony Music Entertainment.
The round included Acronym Venture Capital, SeventySix Capital, Strand Partners, Stadia Ventures, Hersh Interactive Group, Transcend Fund and private investors including Kevin Lin, Michael and Amy Morhaime, Richard Gatchalian and Aaron Lewis.
Maestro has created an online platform that allows individuals or organisations to easily set up video livestreaming using monetisation and branding tools. It said it has now raised $22m to date.
Hersh Interactive Group, the electronic sports investing entity affiliated with the Hersh family office, led a $3m round for Maestro in 2017 featuring Rubicon Venture Capital and Stanford-StartX Fund, which is affiliated with Stanford University.
The company had secured $2.8m in seed capital from investors including 500 Startups, Scrum Ventures, Three Six Zero Group and Larry and Drew Marcus, partners at Walden Venture Capital. The new funding will fund the value chain expansion of its products and diversification of its customer base.
Dennis Kooker, president of global digital business and US sales at Sony Music Entertainment, said: “Maestro gives artists greater flexibility and control to build the most engaging and customised events for their fans, allowing creators at any stage of their career to put together a world class live stream event.”
