Music creation firm BandLab is raising money again. The company has trousered $65m in its Series B funding round, which valued it at $315m. The round was led by Vulcan Capital, but BandLab’s own parent company Caldecott Music Group was also part of the round. As was Prosus Ventures, a Dutch VC fund that’s part of the Naspers group – the largest shareholder in Tencent.
If it feels like just a few months since we were reporting on a Series B funding round for BandLab… that’s because it is! BandLab announced an initial $53m round at a $303m valuation in December 2021.
Prosus was the new investor swelling the total to $65m, as well as juicing the valuation a little. The news follows BandLab’s acquisition of artist services firm ReverbNation in November 2021, with BandLab saying it will soon integrate the latter’s features into its platform.