Lebanon-based Band Industries has raised $2.8 million in a Series A round led by Cedar Mundi Ventures with participation from other Lebanese investors including iSME, B&Y Venture Partners, Berytech Fund II and US-based SOS Ventures.
The hardware startup, which builds toolkits for musicians was founded in 2013 by Hassan Slaibi and Bassam Jalgha and launched its first product, the Roadie Automatic Instrument Tuner.
The latest investment round will be used to expand its business reach and product portfolio while also boosting its proprietary technology.
“The world of music is full of possibilities. This great human endeavour brings millions of people together all over the world and gives them a common language. We want as many people as possible to enjoy more time playing music and get inspired by our tech,” said Hassane Slaibi, co-founder and CEO at Band Industries.
The startup has also launched a campaign on crowdfunding platform Kickstarter for its new product, the Roadie 3 which it hopes will be available to the public in October 2020. The campaign has so far gathered more than 3300 backers and raised $350,000. The company also plans to expand into the music education space.
“Band Industries a is a fast-growing startup, with a strong development model. Hassan and Bassam are passionate entrepreneurs, developing smart devices and software disrupting the edtech space, vastly underserved market with identifiable pent-up demand. We are very happy to partner with such Lebanese talents and further accelerate their expansion plans,” said Bassel Attieh, managing partner at Cedar Mundi Ventures.