The Singapore-based social music platform BandLab announced that it has raised a $65 million Series B at a valuation of $315 million. The funding round was led by Vulcan Capital, with Prosus, K3 Ventures, and Caldecott Music Group also participating.
Currently used by more than 40 million creators, BandLab enables creators to make music and share the creative process with musicians and fans. With a global community of creators and fans, BandLab combines music making and collaboration tools like the world’s first cross-platform DAW, with social features like video sharing, messaging and discovery.
“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,” said Meng Ru Kuok, co-founder and CEO of Bandland.
“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 will use some of the new capital to fund the acquisition of digital platform ReverbNation, which it announced in November. Kuok said the company has also used the proceeds to fund the hiring of an additional 59 new talent this year, nearly doubling its full-time staff to 130.
“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.”