BandLab has reached a new milestone.
On Tuesday (26/04), the Singapore-based social music platform announced the close of its Series B round, racking in a total of 65 million USD with a post-money valuation of 315 million USD. They have also partnered with Prosus Ventures, the venture investing arm of Netherlands' Prosus, as one of its investors.
The investment was heralded by Vulcan Capital, Microsoft co-founder and philanthropist Paul G. Allen's multi-billion-dollar investment arm, alongside Caldecott Music Group and K3 Ventures, an early backer of Grab and Bytedance. BandLab's new funding allows the company to further grow its team and refine its services and offerings to music creators and up-and-coming artists globally.
"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," Meng Ru Kuok, co-founder and CEO of BandLab shares in a statement. "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."
"BandLab has built a next-generation platform that is democratizing music creation for creators globally,” Sachin Bhanot, Head of Southeast Asia Investments for Prosus Ventures, adds. "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."
With BandLab's cross-platform creative ecosystem, aspiring creators, viral TikTok stars, and GRAMMY Award-winning producers have the opportunity to receive support through various productivity tools such as their award-winning Mix Editor, a comprehensive royalty-free sound library, mastering, and the newly announced AI-powered SongStarter.
Artist services, including distribution and fan subscriptions, are also available to users. Plus, with the recent acquisition of independent artist services platform ReverbNation into BandLab, the company's suite of services has further expanded to support independent artists around the globe.