Pioneering social music app maker Smule raises $38 million

Smule, the maker of pioneering social music apps like Ocarina, Magic Piano, and Sing! Karaoke, has raised $38 million in new funding.

The new round — a combination of equity and debt funding — was led by Adam Street Partners, while existing investors Bessemer Ventures and Shasta Ventures also participated. City National provided the debt financing, the company said. San Francisco-based Smule plans on using the new financing for marketing, product development, and international expansion.