Singapore-based BandLab Technologies, the parent company of social music creation platform BandLab, secured an additional $25 million in its Series B1 funding round, valuing the company at $425 million.
This latest investment comes after the company’s successful Series B round in April 2022, where BandLab raised $65 million and achieved a post-money valuation of $315 million.
Series B1 was led by existing investor Cercano Management (formerly Vulcan Capital) with participation from Prosus Ventures, the Dutch-listed venture capital investment arm of Prosus, which is majority-owned by principal shareholder of Tencent, Naspers.
BandLab says it will use the new funding to grow its membership and strengthen its emerging creator campaigns.
By strengthening the team and stepping up its marketing efforts, the company says it wants to develop “cutting edge music creation tools” and expand its support to “untapped communities” of musicians and fans.
The investment will also enable BandLab to improve its services, including its BandLab for Education music education platform and similar initiatives.
BandLab’s flagship eponymous platform offers a range of features such as the Studio cross-platform digital audio workstation, the Sounds royalty-free sample and loop service, and the SongStarter AI music generator tool.
The company, which has a community of over 60 million registered usersnotes that artists who have used its platform, such as d4vd, ThxSoMch and Luh Tyler, are “hot on the global charts and enjoying major label success”.
“We are at an exciting time where technology and art intersect, breaking down conventional barriers to creativity,” said Meng Ru Kuok, CEO and co-founder of BandLab.
“In this era of transformative mass music creation, our dedication to artists, aspiring musicians and creators around the world has never been stronger. Not only are we democratizing music creation globally, but we foster a community where everyone can express themselves through music, regardless of their resources or technical prowess.
“With this investment, we are moving into a future where every smartphone owner has the potential to be a unique musical artist who is protected, empowered and heard.”
Since the company’s Series B in April 2022, BandLab has rolled out more offerings, including direct-to-fan subscriptions, discovery and promotional analytics tool Boost, as well as introducing opportunities through Reverbnation.
“We are in an exciting time where technology and art intersect, breaking down conventional barriers to creativity.”
Meng Ru Kuok, BandLab
Commenting on their investment, Tommy Teo, Managing Director and Head of Southeast Asia at Vulcan Capital, said: “Since our initial investment, BandLab has consistently demonstrated its exceptional potential to make music creation accessible and enjoyable. to a global audience.
“BandLab’s dedication to nurturing creativity and fostering collaboration within its growing community of highly engaged users is truly unique.”
“As we continue to support the company, we expect BandLab to play a vital role in driving a vibrant future for music creators everywhere.”
Tommy Teo, Vulcan Capital
“We believe in their vision and the power of the BandLab platform to unlock the next generation of artists and fans and to bridge the creative gap between established markets and emerging and underserved areas. As we continue our corporate support, we expect BandLab to play a vital role in driving a vibrant future for music creators everywhere,” Teo continued.
The investment also comes as BandLab continues to make strategic investments. In February he acquired beat the market Airbitwhich has over 800,000 users and has so far sold over 2 million beats.
In 2019, BandLab bought UK music media brands NME and Uncut.
The music industry around the world