BandLab CEO and Co-Founder Meng Ru Kuok
Singapore-based social music creation platform BandLab has raised US$25 million in a Series B1 financing round at US$425 million post-money valuation.
Existing investor Cercano Management (formerly Vulcan Capital, founded by Microsoft Co-Founder Paul Allen) led the round that also saw participation from Prosus Ventures.
BandLab will use this new funding to grow its workforce and double down on emerging creator campaigns. It will also channel additional resources towards supporting services, such as its music education platform BandLab for Education and other similar initiatives.
The new round comes more than a year after the platform announced the closing of its Series B financing round of US$65 million.
Also Read: Vulcan Capital leads social music platform BandLab’s US$53M Series B round
Founded in 2015, BandLab empowers aspiring music creators worldwide to create, collaborate, and share their music online with an emphasis on emerging artist discovery, community, and fandom. Its features include a cross-platform digital audio workstation Studio, royalty-free sample and loops service Sounds, and AI music generator tool SongStarter. The company’s ecosystem includes leading professional-level digital audio workstation Cakewalk, artist services platform ReverbNation, and recently acquired beat marketplace Airbit.
The platform has 60 million registered users.
BandLab CEO and Co-Founder Meng Ru Kuok said: “Not only are we democratising 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.”
In February this year, BandLab announced the acquisition of beat marketplace Airbit for an undisclosed sum. In 2017, it bought London-based music live-streaming service Chew.tv.
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