Singapore-based BandLab Technologies, the parent company of social music creation platform BandLab, has secured an additional USD $25 million in its Series B1 financing 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.
The series B1 was led by existing investor Cercano Management (formerly Vulcan Capital) with participation from Prosus Ventures, the venture-investing arm of Netherlands-listed Prosus, which is majority-owned by Tencent’s largest shareholder, Naspers.
BandLab says it will use the new funding to grow its workforce and beef up its emerging creator campaigns.
By strengthening the team and intensifying its marketing efforts, the company says it seeks to develop “cutting-edge music creation tools” and extend its support to “untapped communities” of musicians and fans.
The investment will also allow BandLab to enhance its services, including its music education platform BandLab for Education and similar initiatives.
BandLab’s flagship namesake platform offers a range of features such as the cross-platform digital audio workstation Studio, royalty-free sample and loops service Sounds, and the AI music generator tool SongStarter.
The company, which has a community of over 60 million registered users, notes that artists who have used its platform, such as d4vd, ThxSoMch, and Luh Tyler, are “trending on global charts and experiencing major-label success”.
“We are at a captivating juncture where technology and art intersect, bringing down the conventional barriers to creativity,” said Meng Ru Kuok, BandLab CEO & Co-Founder.
“In this transformative era of mass music creation, our dedication to artists, aspiring musicians, and creators worldwide has never been stronger. Not only are we democratizing music creation on a global scale, we are fostering a community where everyone can express themselves through music, irrespective of their resources or technical prowess.
“With this investment, we step forward into a future where every smartphone owner has the potential to be a unique music artist who is protected, empowered, and heard.”
Since the company’s series B round in April 2022, BandLab has rolled out more offerings including direct fan subscriptions, discovery, and promotional analytics tool Boost, as well as the introduction of Opportunities via Reverbnation.
“We are at a captivating juncture where technology and art intersect, bringing down the conventional barriers to creativity.”
Meng Ru Kuok, BandLab
Commenting on their investment, Tommy Teo, Managing Director & Head of Southeast Asia at Vulcan Capital, said: “Since our original investment, BandLab has been steadfast in demonstrating its exceptional potential in making music creation accessible and enjoyable to a global audience.
“BandLab’s dedication to nurturing creativity and fostering collaboration among its growing community of highly-engaged users is truly unique.”
“As we continue our support for the company, we expect that BandLab will play a vital role in driving a vibrant future for music creators worldwide.”
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 creation gap between established markets and emerging, underserved areas. As we continue our support for the company, we expect that BandLab will play a vital role in driving a vibrant future for music creators worldwide,” Teo continued.
The investment also comes as BandLab continues to make strategic investments. In February, it acquired beat marketplace Airbit, which 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.
Music Business Worldwide
