Music creation platform BandLab , which has 18 million users in 180 countries around the world, revealed that it closed its Series B funding round at $65 million.
BandLab Reaches $315 Million Valuation
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 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 one of the first sponsors 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 ."
The BandLab Technologies division also includes a professional-grade digital audio workstation, Cakewalk.
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 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."