Back in December we reported that Singapore-based social music platform BandLab had raised $53 million in a Series B round, valuing its company at $303 million.
Today (April 26), BandLab has revealed that it’s closed that Series B round at $65 million, with a post-money valuation of $315 million.
Prosus Ventures, the venture investing arm of Netherlands-listed Prosus, which is majority-owned by Naspers (the largest shareholder of Tencent), has joined the list of previously-announced investors.
The investment round was led by Vulcan Capital, the multi-billion-dollar investment arm of Microsoft co-founder and philanthropist Paul G. Allen, with participation from Caldecott Music Group and K3 Ventures, a venture capital firm that was an early backer of super app Grab and tech giant Bytedance.
BandLab says the funds will allow it to expand its team and continue “to refine and grow its offerings to music creators and aspiring artists worldwide”.
BandLab is the flagship product of BandLab Technologies, a division of Singapore-based Caldecott Music Group (CMG), which also owns Vista Musical Instruments and NME Networks, which counts publications such as NME, Uncut and Guitar.com amongst its roster of brands.
The BandLab Technologies division also includes professional-level digital audio workstation, Cakewalk.
“Prosus Ventures has a record of highly successful investments in some of the world’s most groundbreaking companies, and we’re thrilled they see the merits of our vision.”
Meng Ru Kuok, BandLab
Meng Ru Kuok, co-founder and CEO of BandLab, said: “Prosus Ventures has a record of highly successful investments in some of the world’s most groundbreaking companies, and we’re thrilled they see the merits of our vision.
“We’re proud to be a leading company in the music creation category and couldn’t be happier to have them join us in empowering the future of music.”
“BandLab has built a next-generation platform that is democratizing music creation for creators globally.”
Sachin Bhanot, Prosus Ventures
Sachin Bhanot, Head of Southeast Asia Investments for Prosus Ventures, said: “BandLab has built a next-generation platform that is democratizing music creation for creators globally.
“The company has experienced impressive growth while generating solid user engagement. We are thrilled to support the company’s dedication to using innovative technologies, like AI, to put the power in the hands of creators.”Music Business Worldwide