Social music platform BandLab scores $65M at a valuation of $315 million

BandLab, the Singapore-based app that lets customers create and share music, introduced as we speak it has raised a $65 million Collection B, at a post-money valuation of $315 million. The funding spherical was led by Vulcan Capital, with participation from Prosus, Caldecott Music Group and K3 Ventures.

The corporate says that over 40 million creators at present use BandLab. The app’s instruments for creating music embrace a Combine Editor, royalty-free sounds, Mastering and SongStarter, or royalty-free compositions. Co-founder and CEO Meng Ru Kuok advised TechCrunch that the brand new funding will probably be used on hiring, creating new options and “prioritizing new methods to learn from the creator financial system for artists and rights holders.”

BandLab is a part of the digital division of Caldecott Music Group (CMG), which can also be identified for its acquisitions. It as soon as owned of half of Rolling Stone, which it exited in 2019, earlier than buying stakes in NME and Uncut. NME and Uncut are actually a part of CMG’s media division, NME Networks. Most just lately, BandLab acquired musician discovery platform ReverbNation.

A number of of ReverbNation’s options have already been built-in into BandLab, together with Crowd Review, which lets musicians gauge how audiences really feel about their music earlier than it’s launched, and Promote Your Track, for creating advert campaigns on Fb, Instagram and music web sites.

When requested about the potential of future acquisitions, Kuok stated the corporate sees “some extraordinarily fascinating alternatives available in the market,” however none that they will disclose proper now.

Edit: Put up up to date to mirror that BandLab is a part of CMG.