Capital risk company Clave Mayor has invested 2 million euros in Spanish startup Red Karaoke, which plans to build a world social network for karaoke lovers. Red Karaoke was created one year ago by brothers (and friends of mine) Miguel and Ricardo Díez.
Red Karaoke is considered the first online karaoke in Spain and third one in the world. It has 300,000 monthly users, 85,000 registered users, 120,000 recordings and 12,000 songs. Miguel and Ricardo want to open up an English version of their site and they also want to open expand into some Asian markets. They rely mainly in their plug&sing recording tool, which they have developed themselves.