SINGAPORE-based social music platform, BandLab, has raised a US$53 million Series B round with a post-money valuation of US$303 million.
The platform allows music makers to create and share their music via user-friendly tools and was founded by Kuok Meng Ru, son of billionaire Kuok Khoon Hong, co-founder and chief executive of mainboard-listed Wilmar International.
The funding round was led by Vulcan Capital with participation from K3 Ventures with existing investor Caldecott Music Group also participating in this round of funding. Vulcan Capital is the investment fund of the late Microsoft co-founder, Paul Allen.
BandLab will use the funding for expanding the team as well as refining and growing its product offerings to users. The platform has added new tools such as an artificial intelligence powered idea generator, SongStarter, as well as recently acquired independent artist services platform, ReverbNation.
"We're not only doubling down on our market leading creator tools, but also prioritising compensation for artists and protection for rights holders. If creators aren't being paid fairly, it's a major barrier to their development and growth as artists," said Kuok.