Singapore-based BandLab raises $25M at $415 million valuation for its social music creation platform
BandLab Technologies, the parent company of the Singapore-based social music creation platform BandLab, has raised $25 million in Series B1 funding that pushes the company’s post-money valuation to $425 million.
Led by returning investor Cercano Management (formerly Vulcan Capital) with super-pro rata participation from Prosus Ventures, this additional tranche of money is a significant milestone for BandLab Technologies. This new influx of capital marks a significant achievement for BandLab Technologies, building upon their previously announced Series B funding round in 2022.
BandLab will use the funding proceeds to further advance its mission of providing accessible music creation tools to creators worldwide, spanning from mobile to desktop platforms.
Founded in 2015 by Singaporean Kuok Meng Ru and Steve Skillings, BandLab is a social app that lets users create music, share, and collaborate with other musicians. The quote, “Without music, life would be a mistake” which is famously attributed to Friedrich Nietzsche, perfectly encapsulates the core philosophy behind BandLab.
Kuok graduated from Cambridge University and comes from a notable background. His father, Mr. Kuok Khoon Hong, is the founder of the world’s largest palm oil business, Wilmar International.
With the latest cash infusion, BandLab also plans to expand its workforce and dedicate more resources to emerging creator campaigns. This strategic decision reflects the company’s commitment to enhancing the development of innovative music creation tools while simultaneously broadening its impact on untapped communities of musicians and fans.
By doubling down on marketing efforts, BandLab aims to extend its reach and support to a wider audience. Furthermore, the company will allocate additional resources to bolstering services like BandLab for Education, a prominent music education platform, as well as other similar initiatives.
“We are at a captivating juncture where technology and art intersect, bringing down the conventional barriers to creativity,” says Meng Ru Kuok, BandLab CEO & 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 democratizing 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.”
BandLab currently boasts an impressive user base of 60 million registered individuals. BandLab’s suite of offerings includes Studio, a digital audio workstation, that provides users with a comprehensive toolset for music production. The Sounds service offers a vast collection of royalty-free samples and loops, enabling creators to enhance their compositions. Additionally, SongStarter, an AI music generator tool, aids in the creative process by providing inspiration and starting points for musical ideas.
BandLab also encompasses other valuable properties. Cakewalk, specifically designed for professional musicians, serves as a digital audio workstation tailored to their unique needs. ReverbNation, a platform offering professional services, caters to indie musicians and producers, providing them with resources and support. Lastly, Airbit functions as a beat marketplace, connecting producers with potential buyers, and facilitating the exchange of high-quality beats.
“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. We believe in their vision and the power of the BandLab platform to unlock the next generation of artists and fans and to bridge the creation gap between established markets and emerging, underserved areas. As we continue our support for the company, we expect that BandLab will play a vital role in driving a vibrant future for music creators worldwide,” Managing Director & Head of Southeast Asia at Vulcan Capital, Tommy Teo, said.