In December, we announced that Singapore-based social music platform BandLab had raised $53 million in a Series B round, valuing its company at $303 million.
Today (April 26), BandLab revealed that it closed this Series B round at $65 million, with a post-money valuation of $315 million.
Prosus Ventures, the venture capital arm of Dutch company Prosus, majority owned by Naspers (Tencent’s largest shareholder), has joined the list of previously announced 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 private equity firm. venture which was an early funder of super app Grab and tech giant Bytedance.
BandLab says the funds will allow it to expand its team and continue “refining and expanding its offerings to music creators and budding artists around the world.”
BandLab is the flagship product of BandLab Technologies, a division of Singapore Caldecott Music Group (GCM), which also owns Vista Musical Instruments and NME networkswhich counts publications such as NME, Uncut and Guitar.com among its list of brands.
The BandLab Technologies division also includes a professional-level digital audio workstation, Cakewalk.
BandLab Technologies, the Singapore-based parent company of the BandLab music creation app renamed as Caldecott Music Group (GCM) in December.
“Prosus Ventures has a track record of highly successful investments in some of the world’s most groundbreaking companies, and we’re thrilled they’re seeing the merits of our vision.”
Meng Ru Kuok, BandLab