Singapore-based social music platform BandLab announced the closing of its Series B financing round at US$65 million with a post-money valuation of US$315 million. Prosus Ventures, the venture arm of Netherlands-listed Prosus, is the new investor in the round.
BandLab earlier announced a US$53 million Series B, led by Vulcan Capital, in December last year. Other investors in the round are Caldecott Music Group and K3 Ventures.
The funds will allow BandLab to expand its team and grow its offerings to music creators and aspiring artists worldwide.
Launched in 2015, BandLab is a next-generation social music creation platform, which aims to support creators of all kinds, from first-time creators to Grammy-winning producers.
Its cross-platform creative ecosystem comprises Mix Editor, a royalty-free Sounds library, Mastering, and a newly announced AI-powered SongStarter.
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Beyond creation tools, it also offers artist services like distribution and direct fan subscriptions. The upcoming integration of its recently acquired independent artist services platform ReverbNation into BandLab will further expand the suite of services available to independent artists.
Its parent BandLab Technologies also runs the professional-level digital audio workstation, Cakewalk.
“BandLab has built a next-generation platform democratising 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.”