Vulcan leads $65m Series B for Singapore's Bandlab
Vulcan Capital, an investment vehicle established by Microsoft co-founder Paul Allen, has led a USD 65m Series B round for Singapore-based social music platform BandLab.
The investment, which gives the company a post-money valuation of USD 315m, also featured Naspers-owned Prosus Ventures, Caldecott Music Group, and K3 Ventures. Caldecott – described as a global music industry investor – is BandLab’s parent company. It also owns music-focused media group NME Networks and Vista Musical Instruments.
BandLab is a freely accessible app that allows users to create and share music. It claims to serve all kinds of sophistication levels, “from first-time creators to viral TikTok stars and Grammy-winning producers, much as workplace productivity tools support businesses large and small.”
The app includes editing functions, a royalty-free sounds library, and artificial intelligence-enabled music creation, as well as distribution and fan subscription tools and an artist services platform. There are more than 40m registered creators.
“BandLab has built a next-generation platform that is democratizing music creation for creators globally,” said Sachin Bhanot, head of Southeast Asia at Prosus, in a statement.
“The company has experienced impressive growth while generating solid user engagement. We are thrilled to support the company’s dedication to using innovative technologies, like AI, to put the power in the hands of creators.”
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