In December, we reported that Singapore-based social music platform BandLab had raised $53 million in a Series B round, valuing their company at $303 million.
Today (April 26), BandLab revealed that it closed that Series B round at $65 million, with an after-money valuation of $315 million.
Prosus Ventures, the Dutch-listed venture investment arm of 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 billionaire 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.
BandLab says the funding will allow it to expand its team and continue to “refine and grow its offerings to music creators and aspiring artists around the world.”
BandLab is the flagship product of BandLab Technologies, a division of the Singapore-based company. Caldecott Music Group (CMG), which also owns Vista Musical Instruments and NME networkswhich counts publications like NME, Uncut and Guitar.com among its list of brands.
The BandLab Technologies division also includes a professional-grade digital audio workstation, Cakewalk.
BandLab Technologies, the Singapore-based parent company of the BandLab music creation app renowned as Caldecott Music Group (CMG) in December.
“Prosus Ventures has a track record of highly successful investments in some of the world’s most innovative companies, and we are delighted that they see the merits of our vision.”
Meng Ru Kuok, BandLab
Meng Ru Kuok, Co-Founder and CEO of BandLab, said: “Prosus Ventures has a track record of highly successful investments in some of the world’s most innovative companies, and we are delighted that they see the merits of our vision.
“We are 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 created a next generation platform that is democratizing music creation for creators around the world.”
Sachin Bhanot, Prosus Ventures
Sachin Bhanot, Investment Director Southeast Asia at Prosus Ventures, said: “BandLab has built a next-generation platform that is democratizing music creation for creators globally.
“The company has seen impressive growth while generating strong user engagement. We’re thrilled to support the company’s dedication to using innovative technologies, like AI, to put power in the hands of creators.”Music business around the world