SINGAPORE (CelebrityAccess) — Singapore-based music creation and collaboration platform BandLab announced it has raised $25M in a new round of Series B1 financing, raising the company’s valuation to $425M.
The fund-raising round, led by existing investor Cercano Management (formerly Vulcan Capital), also saw participation from Prosus Ventures, BandLabs said.
BandLabs will use the money raised in the latest funding round to grow its workforce and expand its focus on emerging creator campaigns, according to a press release announcing the funding raise.
“We are at a captivating juncture where technology and art intersect, bringing down the conventional barriers to creativity,” says Meng Ru Kuok, BandLab CEO & Co-Founder. “In this transformative era of mass music creation, our dedication to artists, aspiring musicians, and creators worldwide has never been stronger. Not only are we democratizing music creation on a global scale, we are 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.”
“Since our original investment, BandLab has been steadfast in demonstrating its exceptional potential in making music creation accessible and enjoyable to a global audience. BandLab’s dedication to nurturing creativity and fostering collaboration among its growing community of highly-engaged users is truly unique. We believe in their vision and the power of the BandLab platform to unlock the next generation of artists and fans and to bridge the creation gap between established markets and emerging, underserved areas. As we continue our support for the company, we expect that BandLab will play a vital role in driving a vibrant future for music creators worldwide,” added Managing Director & Head of Southeast Asia at Vulcan Capital, Tommy Teo.