Schematic Labs, the US-based mobile application (app) developer best known for creating the Soundtracking mobile music app for iPhones and iPods, has closed a $4.8m funding round, with Softbank Capital, a venture capital (VC) firm affiliated with the telecommunications, internet and media conglomerate Softbank, and VC firms Accel Partners and True Ventures all participating.
The series A financing follows a seed round in August last year where Schematic raised an undisclosed amount from investors including True Ventures, which led the round, and corporate venturing units Google Ventures and AOL Ventures.
The Soundtracking app aims to cut the gap between listening to music and social networking by enabling users to share snippets of songs together with locations, photographs and comments via social networking platforms such as Facebook, Twitter and Foursquare. Soundtracking currently has nearly one million users.
The 2.0 version of Soundtracking was released last month boasting new features, but Schematics plans to invest the latest round of capital in expanding its engineering and design teams, while looking to explore further mobile-related concepts.