US $65 M Series B funding raised by social music creation platform BandLab
BandLab, a Singapore-based social music platform, announced the completion of its Series B fundraising round for $65 million, with a post-money valuation of $315 million. Prosus Ventures, the venture arm of the Netherlands-listed Prosus, is the round’s new investor.
BandLab previously announced a $53 million Series B round headed by Vulcan Capital in December of last year. Caldecott Music Group and K3 Ventures are among the other investors in the round.
BandLab will be able to use the funding to expand its personnel and increase its offers to music makers and aspiring musicians all across the world.
BandLab, which debuted in 2015, is a next-generation social music production platform that promises to help creators of all levels, from first-time producers to Grammy-winning producers.
Its cross-platform creative ecosystem includes the Mix Editor, a royalty-free Sounds collection, Mastering, and the recently launched AI-powered SongStarter.
It provides artist services such as distribution and direct fan subscriptions in addition to creating tools. The integration of its newly acquired independent artist services platform ReverbNation into BandLab will broaden the portfolio of services offered to independent musicians even further.
Cakewalk, a professional-level digital audio workstation, is also produced by its parent company, BandLab Technologies.
“BandLab has built a next-generation platform democratising music creation for creators globally,” said Sachin Bhanot, Head of Southeast Asia Investments for Prosus Ventures. “The company has experienced impressive growth while generating solid user engagement.”
