Jones Day has advised Adam Street Partners in its acquisition of a further minority stake in Smule, maker of Sing! Karaoke and other social music apps.
Smule has raised $54 million in a round led by Chinese company Tencent.
Founded in 2008, Smule’s apps allow users to share different types of musical performances with others, and the company says it now has 52 million monthly active users.
Adams Street Partners, Bessemer Ventures, Floodgate, Franklin Templeton and Shasta Ventures also participated in the funding. Reuters reported that the round valued the company at $604 million, setting up Smule to expand in Asia and potentially to go public.
Jones Day has advised Adam Street Partners on the deal with a team led by partner Timothy Curry.
Involved fees earner: Timothy Curry – Jones Day;
Law Firms: Jones Day;
Clients: Adam Street Partners;