BandLab, the Singapore-based app that allows users to create and share music, today announced that it has raised a $65 million Series B, against a back-end 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 more than 40 million creators currently use Bandlab. The music creation app’s tools include a Mix Editor, royalty-free sounds, Mastering and SongStarter or royalty-free compositions. Co-founder and CEO Meng Ru Kuok told businesstraverse.com that the new funding will be used to hire, develop new features and “prioritize new ways to take advantage of the creative economy for artists and rights holders.”
Bandlab is also known for its acquisitions. It once owned half of Rolling Stone, which it left in 2019, before acquiring stakes in NME and Uncut. Recently, the musician discovery platform acquired ReverbNation.
Several features of ReverbNation are already integrated into BandLab, including: Crowd Reviewwhich allows musicians to measure how the public feels about their music before it is released, and Promote your trackfor developing ad campaigns on Facebook, Instagram and music websites.
When asked about the possibility of future acquisitions, Ru Kuok said the company “sees some extremely interesting opportunities in the market,” but none they can reveal right now.