Vulcan Capital sponsored a $53 million financing for BandLab, a Singapore-based social music creation platform.
Caldecott Music Group, a previous investor, and K3 Ventures also took part.
BandLab will be able to increase its personnel as well as develop and expand its offers to music makers and aspiring musicians all around the world with the additional funding.
The startup’s post-money value now stands at US$303 million.
BandLab is a next-generation social music production platform that was launched in 2015 with the goal of supporting all types of creators, from first-time makers to Grammy-winning producers.
Its cross-platform creative ecosystem includes a Mix Editor, royalty-free Sounds collection, Mastering, and the recently launched AI-powered SongStarter.
It also provides artist services such as distribution and direct fan subscriptions in addition to creation tools. The newly purchased independent artist services platform ReverbNation will be integrated into BandLab, expanding the spectrum of services available to independent musicians.
“Our vision is a future where there are no barriers to making and sharing music. In particular, among independent musicians and creators, and among mobile-first users, the billions with smartphones and original musical ideas,” said BandLab CEO and co-founder Meng Ru Kuok.
“We’re not only doubling down on our market-leading creator tools but also prioritising compensation for artists and protection for rights holders. If creators aren’t being paid fairly, it’s a major barrier to their development and growth as artists,” Ru Kuok added.
