The parent company of cloud-based music-creation platform BandLab has announced a $25 million Series B1 that brought with it a $425 million post-cash valuation.
Singapore-headquartered BandLab Technologies, the owner of the namesake offering as well as DAW Cakewalk, musician-networking site ReverbNation, and beat marketplace Airbit, reached out to DMN today with word of its latest raise. This newest capital infusion comes after BandLab revealed in December of 2021 that it’d secured $53 million from investors at a $303 million post-money valuation.
The same Series B then added another $12 million to its total before officially closing in April of last year, with Cercano Management (established by Microsoft co-founder Paul Allen and previously known as Vulcan Capital) and Prosus Ventures having participated.
(Allen passed away in 2018, and Bloomberg reported in February of this year that Vulcan/Cercano had been “spun out of the late billionaire’s family office in late 2021 as a standalone business catering to the world’s super-rich.”)
Cercano likewise led today’s round, according to the Caldecott Music Group subsidiary BandLab, which also disclosed “super-pro rata participation from Prosus Ventures.” (The investment arm of the namesake Amsterdam-headquartered and -traded parent, Prosus is majority-owned by South Africa’s Naspers, itself most widely known as an early backer of Tencent.)
Now boasting more than 60 million registered users on BandLab itself, per execs, the overarching BandLab Technologies intends to utilize the $25 million at hand to “grow its workforce” and “double down on emerging creator campaigns.”
And on this front, the business emphasized the BandLab presence of “groundbreaking artists” including d4vd, ThxSoMch, and Luh Tyler – besides highlighting the platform’s multifaceted tools, among them an “AI music generator” called SongStarter.
Addressing the raise in a statement, Meng Ru Kuok (who serves as CEO of Caldecott as well as its NME Networks, Vista Musical Instruments, and BandLab Technologies subsidiaries alike) touted the global expansion momentum of BandLab against the backdrop of rapidly developing music spaces in emerging markets.
“In this transformative era of mass music creation,” the nearly nine-year BandLab Technologies head said in part, “our dedication to artists, aspiring musicians, and creators worldwide has never been stronger. We are democratising music creation globally and 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,” finished Meng Ru Kuok.
Back in March, AI-powered music-marketing service Unhurd unveiled a seven-figure seed round, whereas AI musician-collaboration platform Myxt detailed a $2 million seed raise in April and music NFT startup anotherblock said one week ago that it had obtained about $4.35 million from investors.