Singapore-based social music platform BandLab announced the conclusion of its Series B funding round for US $ 65 million with a post-money valuation of US $ 315 million. Prosus Ventures, the venture arm of the Dutch listed Prosus, is the new investor in the round.
BandLab previously announced a $ 53 million Series B series, led by Vulcan Capital, in December last year. Other investors in the round are Caldecott Music Group and K3 Ventures.
The funds will allow BandLab to expand its team and expand its offerings to music creators and aspiring artists around the world.
Launched in 2015, BandLab is a next-generation social music creation platform designed to support creators of all kinds, from first-time creators to Grammy-winning producers.
Its cross-platform creative ecosystem includes Mix Editor, a royalty-free audio library, Mastering and a recently announced AI-powered SongStarter.
Read also: Singapore’s music collaboration platform BandLab acquires music live streaming service Chew
In addition to creation tools, it also offers artist services such as distribution and direct fan subscriptions. The upcoming integration of its newly acquired independent artist service platform ReverbNation into BandLab will further expand the range of services available to independent artists.
Its parent company, BandLab Technologies, also operates the professional-level digital audio workstation, Cakewalk.
“BandLab has built a next-generation platform that democratizes 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.”
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