BandLab now valued at $425m, up by $25m following a new round of funding
With 60 million users worldwide, BandLab will continue to accelerate “the company’s commitment to global accessibility of music creation, artist empowerment, and development”.
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BandLab Technologies, the parent company of social music creation platform BandLab, has announced the addition of $25M (USD) in a new round of Series B1 financing to accelerate “accessibility of music creation, artist empowerment, and development.”
- READ MORE: Submit your music and get in the Artist Spotlight on MusicTech, with BandLab Opportunities
Led by existing investor Cercano Management (formerly Vulcan Capital) with super-pro rata participation from Prosus Ventures, the new round of financing raises the valuation of the company to $425M post-money, and builds upon its Series B round in 2022.
Since this round, the company has reached a milestone of over 60 million registered users on the BandLab platform. Viral and upcoming BandLab artists such as d4vd, ThxSoMch, and Luh Tyler have been trending on global music charts and experienced major label success.
It also led to BandLab’s introduction of direct fan subscriptions, discovery, and promotional analytics tool Boost, as well as the launch of Opportunities via Reverbnation to continue to support artists in their early career journeys.
BandLab Technologies now aims to expand its workforce and “double down on emerging creator campaigns.” It will also increase its marketing efforts to advance the development “of cutting-edge music creation tools,” while extending reach to untapped communities and fans.
“We are at a captivating juncture where technology and art intersect, bringing down the conventional barriers to creativity,” said Meng Ru Kuok, BandLab CEO and co-founder. “In this transformative era of mass music creation, our dedication to artists, aspiring musicians, and creators worldwide has never been stronger.
“Not only are we democratising music creation on a global scale, we are fostering a community where everyone can express themselves through music, irrespective of their resources or technical prowess. With this investment, we step forward into a future where every smartphone owner has the potential to be a unique music artist who is protected, empowered, and heard.”
Managing director and head of Southeast Asia at Vulcan Capital, Tommy Teo, also added, “Since our original investment, BandLab has been steadfast in demonstrating its exceptional potential in making music creation accessible and enjoyable to a global audience. BandLab’s dedication to nurturing creativity and fostering collaboration among its growing community of highly-engaged users is truly unique.”
Explore BandLab at bandlab.com
Editor’s note: BandLab Technologies is part of Caldecott Music Group, which is also the parent organisation of NME Networks.
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