BandLab, the social music creation platform, announced the close of its Series B round in which it raised $65 million and valued the company at $315 million. Prosus Ventures, the venture capital arm of Netherlands-listed Prosus, which is majority-owned by Naspers, has been added to the company's investor list.
According to the company, the investment round was led by Vulcan Capital, the multibillion-dollar investment arm of Microsoft co-founder and philanthropist Paul G. Allen, and included Caldecott Music Group and K3 Ventures, a venture capital firm that was an early backer of super app Grab and tech giant Bytedance.
The company stated that newly raised funds will allow BandLab to expand its team and refine and grow its offerings to music creators and aspiring artists worldwide.
“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 supports creators of all kinds
Founded in 2015, BandLab's platform supports creators of all kinds. Its cross-platform creative ecosystem offers users Mix Editor to royalty-free Sounds library, as well as AI-powered SongStarter. It also provides services like distribution and direct fan subscriptions. The company claimed that the upcoming integration of the recently acquired independent artist services platform ReverbNation will further expand its suite of services.
“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.”