Smule, a musical social network, has raised $26 million in equity funding in a round led by Adams Street Partners. Bessemer Venture Partners and Shasta Ventures participated and the company also announced $12 million in debt funding. “With as much disruptive power as the Sony Walkman or Apple iTunes, Smule is transforming a music industry characterized by a few dozen artists performing for billions of passive listeners,” David Cowan of Bessemer Venture Partners, said in a press release. “Smule is proving that no one wants to just listen – we want to join the music through song, piano, guitar, composition, rap and dance.”
Chemayi, a Chinese after-sales service platform for cars, has raised $20 million in Series B funding led by KeyTone Ventures, according to reports. Morningside Ventures also participated in the funding round for the company, which previously raised $2 million in 2013 and was founded in 2010.
India-based Coverfox Insurance Broking has raised $12 million in Series B funding from Accel Partners and SAIF Partners. The company will use the funds to expand its insurance products across different categories. Coverfox raised $2 million in November and was founded in 2013.
Jimubox, a Chinese P2P lending platform, has completed an $84 million Series C funding round led by Investec Bank with co-investment from Haitong Kaiyuan Investment Co. New investors Mandra Capital and Zhong Capital Fund joined the likes of Matrix China Partners, Xiaomi, Shunweir China Internet Fund and Ventech China in the financing round. “We have been following the developments of the Chinese financial sector closely, and have looked for ways to participate. Given our banking experience, we were impressed by Jimubox’s understanding and management of credit risk. The Internet finance sector in China has grown rapidly over the last few years, and P2P is one of the most significant growth areas. Jimubox has emerged as a leading P2P platform in a short period of time. We believe that Jimubox has the potential to become the market leader in this new and exciting sector,” stated Richard Forlee, CEO and Director of Investec Capital Markets Ltd in a press release.