Social music creation platform BandLab raises US$65m Series B funding, with Prosus Ventures joining as a new investor26 April 2022 - Press release
BandLab, the Singapore-based social music platform bringing pro-quality creator tools to music makers worldwide, today announced the close of its Series B round totaling US$65m with a post-money valuation of US$315mm. The company welcomed Prosus Ventures, the venture investing arm of Netherlands-listed Prosus, which is majority-owned by Naspers (the largest shareholder of Tencent), to its list of investors.
The investment round was led by Vulcan Capital, the multi-billion-dollar investment arm of Microsoft co-founder and philanthropist Paul G. Allen, with participation from Caldecott Music Group and K3 Ventures, a venture capital firm that was an early backer of super app Grab and tech giant Bytedance. The funds will allow BandLab to expand its team and continue to refine and grow its offerings to music creators and aspiring artists worldwide.
BandLab’s next-generation platform supports creators of all kinds of sophistication levels, from first-time creators to viral TikTok stars and GRAMMY-winning producers, much as workplace productivity tools support businesses large and small. Its cross-platform creative ecosystem offers users everything from their award-winning Mix Editor to a comprehensive royalty-free Sounds library, as well as Mastering,newly announced AI-powered SongStarter and more. Beyond creation tools, artist services like Distribution and direct fan subscriptions empower the fast-growing creator economy. The upcoming integration of recently acquired leading independent artist services platform ReverbNation into BandLab will further expand the suite of services available to independent artists around the world.
“Prosus Ventures has a record of highly successful investments in some of the world’s most groundbreaking companies, and we’re thrilled they see the merits of our vision,” says Meng Ru Kuok, co-founder and CEO of BandLab. “We’re proud to be a leading company in the music creation category and couldn’t be happier to have them join us in empowering the future of music.”
“BandLab has built a next-generation platform that is democratizing 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. We are thrilled to support the company’s dedication to using innovative technologies, like AI, to put the power in the hands of creators.