BandLab, a Singapore-based music platform, has raised US$12 million in series B funding from Prosus Ventures and other undisclosed investors.
It comes in addition to the US$53 million in funding the company raised from early Grab backer K3 Ventures, music-focused investor Caldecott Music Group, and Paul Allen’s Vulcan Capital in December last year.
In total, the round pegs the company’s valuation at US$315 million.
Launched in 2015, BandLab’s platform allows users to create music for free, collaborate with other musicians, and connect with their listeners. It also helps independent artists distribute their music through ReverbNation, which BandLab recently acquired.
Founded by Meng Ru Kuok, the son of palm oil billionaire Kuok Khoon Hong, BandLab made headlines in 2016 when it acquired a 49% stake in American magazine Rolling Stone through a US$40 million deal. According to a statement, it currently has over 40 million registered users that create more than 10 million songs every month.
“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,” said Sachin Bhanot, head of Southeast Asia Investments at Prosus Ventures.
BandLab aims to use the fresh funding to expand its team and continue to refine its offerings.