BandLab, a Singapore-based social music platform, announced Tuesday the close of its Series B round totaling $65 million with a post-money valuation of $315 million.
The company said in a statement that it welcomed Prosus Ventures, the venture investing arm of Netherlands-listed Prosus, which is majority-owned by Naspers (the largest shareholder of Tencent), to its list of 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.
It said the funds will allow BandLab to expand its team and continue to refine and grow its offerings to music creators and aspiring artists worldwide.
“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,” said Meng Ru Kuok, Co-Founder and Chief Executive Officer of BandLab.
Founded in 2015, BandLab is the next-generation social music creation platform on a mission to break down the technical, geographic, and creative barriers for musicians and fans. Free-to-use, the mobile-first cross-platform DAW and social network, unites the entire creator journey into one place, boasting a suite of features and tools for creators to make and share their music with fans.
BandLab’s next-generation platform supports creators of all kinds of sophistication levels, from first-time creators to viral TikTok stars and GRAMMY-winning producers, much as workplace productivity tools support businesses large and small. Its cross-platform creative ecosystem offers users everything from their award-winning Mix Editor to a comprehensive royalty-free Sounds library, as well as Mastering, newly announced AI-powered SongStarter and more.
Beyond creation tools, artist services like distribution and direct fan subscriptions empower the fast-growing creator economy. The upcoming integration of recently acquired leading independent artist services platform ReverbNation into BandLab will further expand the suite of services available to independent artists around the world.
“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,” said Sachin Bhanot, Head of Southeast Asia Investments for Prosus Ventures.
Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, it builds leading consumer internet companies that empower people and enrich communities.
The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors. Through Prosus Ventures, the group invests in new technology growth opportunities within logistics, fintech, health, blockchain, social and ecommerce platforms, agriculture and more. The team actively backs exceptional entrepreneurs who are using technology to improve people’s everyday lives.
Each month, more than two billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built.