BandLab raises US$65M for diverse portfolio of music creation services
BandLab has closed a Series B round totaling $65 million at a $315 million valuation.
Singapore based BandLab is building a diverse portfolio of music-related business that includes ReverbNation, manufacturers Harmony and Heritage Guitars, media brands Guitar.com, NME, Uncut and MusicTech.com, the Swee Lee musical instrument retailer and distributor and music creation suite.
The new investment round was led by Vulcan Capital, the investment arm founded by Microsoft t Paul G. Allen, with participation from Caldecott Music Group, K3 Ventures and new investor and the largest shareholder of Tencent, Prosus.
“BandLab has built a next-generation platform that is democratizing music creation for creators globally,” said Sachin Bhanot, Head of Southeast Asia Investments for Prosus Ventures. “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.”
“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,” says Meng Ru Kuok, co-founder and CEO of BandLab. “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.”