Total amount raised
$6.4 Millions
Latest funding date
6/1/2015
Location
Rockbot has successfully raised $6.4 million over three funding rounds, with the latest being a Series A in June 2015. The company offers smarter media solutions for businesses, including music, audio-messaging, digital signage, and streaming TV.
Keep reading to explore the intricacies of Rockbot's fundraising journey and the investors backing this innovative platform.
What Is Rockbot?
Founded in 2010, Rockbot is headquartered in Oakland and operates remotely. The company was established by Garrett Dodge and Ketu Patel, who aimed to modernize the jukebox experience.
Rockbot offers a unified platform providing Music, Audio-Messaging, Digital Signage, and Streaming TV services to businesses. Their solutions help enhance customer experiences and strengthen business relationships.
With a team of 51-200 employees, Rockbot continues to innovate in the media solutions space, serving a diverse range of businesses across the United States.
How Much Funding Has Rockbot Raised?
- Seed Funding Round
- Amount Raised: $1.2 million
- Date: June 2012
- Lead Investors: Google Ventures, Detroit Venture Partners
- Motivation Behind the Round: To support national expansion and further develop technology and features.
- Series A Round
- Amount Raised: $5.2 million
- Date: June 2015
- Lead Investors: Not specified
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Strategic Investment Round
- Amount Raised: Undisclosed
- Date: August 2014
- Lead Investors: Universal Music Group
- Motivation Behind the Round: To expand business across various bars, restaurants, and other brick-and-mortar locations in the U.S.
Rockbot has raised a total of $6.4 million in funding. The current valuation is $20 million (~estimated).
Key Investors
- Universal Music Group (UMG)
- Details: UMG is the largest of the major music labels, known for its innovation and strategic investments in the music industry.
- Investment Focus Areas: Music-related businesses, innovative technology in the music industry.
- Notable Investments: Beats, Spotify, Shazam.
- Google Ventures
- Details: Google Ventures is the venture capital investment arm of Alphabet Inc., focusing on a wide range of industries.
- Investment Focus Areas: Technology, life sciences, consumer products.
- Notable Investments: Uber, Nest, Slack.
- Detroit Venture Partners
- Details: Detroit Venture Partners is a venture capital firm that invests in early-stage technology companies.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: StockX, LevelEleven, iRule.
- XG Ventures
- Details: XG Ventures is a venture capital firm that focuses on early-stage investments, particularly in technology startups.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Twitter, Square, Foursquare.
- Susa Ventures
- Details: Susa Ventures is a venture capital firm that invests in seed-stage technology companies with a focus on innovative solutions.
- Investment Focus Areas: Seed-stage technology companies, innovative solutions.
- Notable Investments: Robinhood, Flexport, Andela.
What's Next for Rockbot?
Rockbot stands at the cusp of significant growth, with opportunities to expand into over 2 million brick-and-mortar locations and connect with 100 million smartphone users daily. The strategic partnership with Universal Music Group positions Rockbot to leverage an extensive music catalog, enhancing its appeal to businesses and customers alike.
Future fundraising could see Rockbot attracting additional strategic investments from major music labels or tech companies, bolstering its expansion efforts. However, challenges such as competition from other music streaming services and managing diverse venue needs could pose hurdles. Ensuring a seamless user experience and maintaining a comprehensive music catalog will be crucial for sustained success.
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