Maloney and Desmond back 10cc star Godley's WholeWorld Band
Barry Maloney, the former Digifone boss turned hugely successful tech investor, and billionaire financier Dermot Desmond have led a near €2m funding round for WholeWorldBand, the innovative music creation and sharing site developed by 10cc drummer Kevin Godley.
Maloney's Taggia vehicle joined with Desmond's IIU and Guernsey based DGZ Investments in the funding round, through secured redeemable convertible loan notes.
WholeWorldBand is an app that allows musicians and fans to create personalised music videos that can be shared and enjoyed worldwide. WholeWorldBand users can share their musical vision with a phalanx of major recording artists, including Rolling Stones guitarist Ronnie Wood, Dave Stewart of Eurythmics and Foo Fighters Taylor Hawkins.
Music video director Godley has produced videos for U2, Blur and Bryan Adams, and was also part of 1970s rock band 10cc.
Early last year WholeworldBand raised about €5m in Series A funding from investors including Maloney and Desmond, following a €200,000 seed funding round.
Former U2 manager Paul McGuinness is also an early backer of the company, along with Cartrawler founder Greg Turley, Trintech's Cyril McGuire and former Parthus insider Peter McManamon.
"The app allows anyone to make music and video using only an iPad or iPhone. The system already has users ranging from major professionals such as Stewart Copeland of The Police to David Gray, as well as many thousands of beginners," co-founder John Holland told the Sunday Independent earlier this year.
"It features easy recording of multi-track music and video along with complete built-in rights management. Wholeworldband allows anyone to easily make music and videos with or without their favourite artists and friends that can be shared worldwide."
After leaving Esat Digifone, Maloney moved into venture capital with Benchmark and then Balderton partners, backing a series of highly successful tech companies at an early stage. These included Betfair, Bebo and MySQL.
Maloney's VC funds were the biggest backers of Irish tech firms over the last 15 years with stakes in Globoforce, OpenNet and Newbay.
Desmond's IIU has also backed a large number of Irish tech companies, making a fortune from Baltimore ahead of the last dotcom boom. More recent investments have included chip designer Decawave, fantasy sport operator Star Fantasy Leagues and cyber security group Vahna.
Sunday Indo Business