BandLab, the Singapore-based app that lets users create and share music, announced today it has raised a $65 million Series B, at a post-money valuation of $315 million. The investment round was led by Vulcan Capital, with participation from Prosus, Caldecott Music Group and K3 Ventures.
The company says that over 40 million creators currently use BandLab. The app’s tools for creating music include a Mix Editor, royalty-free sounds, Mastering and SongStarter, or royalty-free compositions. Co-founder and CEO Meng Ru Kuok told TechCrunch that the new funding will be used on hiring, developing new features and “prioritizing new ways to benefit from the creator economy for artists and rights holders.”
BandLab is part of the digital division of Caldecott Music Group (CMG), which is also known for its acquisitions. It once owned of half of Rolling Stone, which it exited in 2019, before acquiring stakes in NME and Uncut. NME and Uncut are now part of CMG's media division, NME Networks. Most recently, BandLab acquired musician discovery platform ReverbNation.
Several of ReverbNation’s features have already been integrated into BandLab, including Crowd Review, which lets musicians gauge how audiences feel about their music before it is released, and Promote Your Track, for developing ad campaigns on Facebook, Instagram and music websites.
When asked about the possibility of future acquisitions, Kuok said the company sees “some extremely interesting opportunities in the market,” but none that they can disclose right now.
Edit: Post updated to reflect that BandLab is part of CMG.