Singapore-based BandLab Applied sciences, the dad or mum firm of social music creation platform BandLab, has secured an extra USD $25 million in its Sequence B1 financing spherical, valuing the corporate at $425 million.
This newest funding comes after the corporate’s profitable Sequence B spherical in April 2022, the place BandLab raised $65 million and achieved a post-money valuation of $315 million.
The collection B1 was led by current investor Cercano Administration (previously 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 is going to use the brand new funding to develop its workforce and beef up its rising creator campaigns.
By strengthening the group and intensifying its advertising efforts, the corporate says it seeks to develop “cutting-edge music creation instruments” and prolong its help to “untapped communities” of musicians and followers.
The funding can even permit BandLab to reinforce its companies, together with its music training platform BandLab for Training and related initiatives.
BandLab’s flagship namesake platform provides a spread of options such because the cross-platform digital audio workstation Studio, royalty-free pattern and loops service Sounds, and the AI music generator instrument SongStarter.
The corporate, which has a group of over 60 million registered customers, notes that artists who’ve used its platform, resembling d4vd, ThxSoMch, and Luh Tyler, are “trending on international charts and experiencing major-label success”.
“We’re at a charming juncture the place know-how and artwork intersect, bringing down the traditional obstacles to creativity,” mentioned Meng Ru Kuok, BandLab CEO & Co-Founder.
“On this transformative period of mass music creation, our dedication to artists, aspiring musicians, and creators worldwide has by no means been stronger. Not solely are we democratizing music creation on a worldwide scale, we’re fostering a group the place everybody can categorical themselves via music, no matter their assets or technical prowess.
“With this funding, we step ahead right into a future the place each smartphone proprietor has the potential to be a novel music artist who’s protected, empowered, and heard.”
For the reason that firm’s collection B spherical in April 2022, BandLab has rolled out extra choices together with direct fan subscriptions, discovery, and promotional analytics instrument Increase, in addition to the introduction of Alternatives through Reverbnation.
“We’re at a charming juncture the place know-how and artwork intersect, bringing down the traditional obstacles to creativity.”
Meng Ru Kuok, BandLab
Commenting on their funding, Tommy Teo, Managing Director & Head of Southeast Asia at Vulcan Capital, mentioned: “Since our unique funding, BandLab has been steadfast in demonstrating its distinctive potential in making music creation accessible and pleasing to a worldwide viewers.
“BandLab’s dedication to nurturing creativity and fostering collaboration amongst its rising group of highly-engaged customers is really distinctive.”
“As we proceed our help for the corporate, we count on that BandLab will play an important function in driving a vibrant future for music creators worldwide.”
Tommy Teo, Vulcan Capital
“We consider of their imaginative and prescient and the ability of the BandLab platform to unlock the following era of artists and followers and to bridge the creation hole between established markets and rising, underserved areas. As we proceed our help for the corporate, we count on that BandLab will play an important function in driving a vibrant future for music creators worldwide,” Teo continued.
The funding additionally comes as BandLab continues to make strategic investments. In February, it acquired beat market Airbit, which has over 800,000 customers and has to date bought over 2 million beats.
In 2019, BandLab purchased UK music media manufacturers NME and Uncut.
Music Enterprise Worldwide