Updated with more information from BandLab Technologies’ CEO. Correction also made to the valuation amount in headline.
Singapore-based BandLab Technologies, the parent company of social music creation platform BandLab, has raised $25 million in Series B1 funding that bumps its post-money valuation to $425 million. The round was led by returning investor Cercano Management (formerly Vulcan Capital), with super-pro rata participation from Prosus Ventures.
The new funding adds to BandLab Technologies’ $65 million Series B, which it raised at a $315 million post-money valuation and announced in April 2022. Co-founder and CEO Meng Kuok told TechCrunch this is the first close of BandLab Technologies’ B1 round, and brings its total Series B funding to $90 million.
The company is the digital division of Caldecott Music Group, which also includes Vista Musical Instruments and NME Networks.
In total, BandLab Technologies has 60 million registered users. BandLab’s suite of features include a digital audio workstation called Studio, royalty-free sample and loops service Sounds and AI music generator tool SongStarter. BandLab Technologies’ other properties are Cakewalk, a digital audio workstation for professional musicians, ReverbNation, a professional services site for indie musicians and producers, and beat marketplace Airbit.
The new funding will be used on hiring and developing new music creation tools, as well as initiatives like BandLab for Education. Kuok said BandLab Technologies isn’t sharing exactly how many people it will be hiring, but it plans to expand its team globally, from engineering and development roles to artist engagement and marketing.