Singapore-based BandLab Technologies, the parent company of social music creation platform BandLab, has recently closed a successful Series B1 funding round. Cercano Management (formerly Vulcan Capital) led the funding round, with super-pro rata participation from Prosus Ventures. This successful funding round brought in $25M and increased the company’s post-money valuation to $425M.
The Series B1 funding is added to BandLab Technologies’ previous $65M Series B funding, which was raised at a $315M post-money valuation. BandLab Technologies is a digital division under Caldecott Music Group, which also owns Vista Musical Instruments and NME Networks. Currently, it has a total of 60 million registered users.
The new funding will be used to strengthen BandLab Technologies’ digital productions suite – from expanding its digital audio workstation Studio, increasing its sounds library from its royalty-free sample and loops service Sounds, to developing AI music generator tool SongStarter. Additionally, BandLab Technologies will be focusing on initiatives such as BandLab for Education and have its devices such as Cakewalk, the professional music creation tool, and its beat marketplace Airbit.
BandLab Technologies was founded in 2016 by Meng Ong, former CEO of Mixify and Overseer of Music at Robert F. Kennedy Centre for the performing Arts. Meng Ong is also currently a mentor for Y-Combinator, a business incubator and accelerator program. With the previous Series B funding, BandLab Technologies was able to grow its user base and provide a high-quality platform for music artists of all levels to connect and collaborate on creating music. As the company continues to advance its innovation with the latest Series B1 investment, more music artists will be able to benefit from its services.
