Again in December we reported that Singapore-based social music platform BandLab had raised $53 million in a Collection B spherical, valuing its firm at $303 million.
Right this moment (April 26), BandLab has revealed that it’s closed that Collection B spherical at $65 million, with a post-money valuation of $315 million.
Prosus Ventures, the enterprise investing arm of Netherlands-listed Prosus, which is majority-owned by Naspers (the most important shareholder of Tencent), has joined the listing of previously-announced traders.
The funding spherical was led by Vulcan Capital, the multi-billion-dollar funding arm of Microsoft co-founder and philanthropist Paul G. Allen, with participation from Caldecott Music Group and K3 Ventures, a enterprise capital agency that was an early backer of tremendous app Seize and tech large Bytedance.
BandLab says the funds will permit it to develop its staff and proceed “to refine and develop its choices to music creators and aspiring artists worldwide”.
BandLab is the flagship product of BandLab Applied sciences, a division of Singapore-based Caldecott Music Group (CMG), which additionally owns Vista Musical Devices and NME Networks, which counts publications comparable to NME, Uncut and Guitar.com amongst its roster of manufacturers.
The BandLab Applied sciences division additionally consists of professional-level digital audio workstation, Cakewalk.
BandLab Applied sciences, the Singapore-based mother or father firm of music making app BandLab rebranded as Caldecott Music Group (CMG) in December.
“Prosus Ventures has a document of extremely profitable investments in a few of the world’s most groundbreaking corporations, and we’re thrilled they see the deserves of our imaginative and prescient.”
Meng Ru Kuok, BandLab
Meng Ru Kuok, co-founder and CEO of BandLab, mentioned: “Prosus Ventures has a document of extremely profitable investments in a few of the world’s most groundbreaking corporations, and we’re thrilled they see the deserves of our imaginative and prescient.
“We’re proud to be a number one firm within the music creation class and couldn’t be happier to have them be part of us in empowering the way forward for music.”
“BandLab has constructed a next-generation platform that’s democratizing music creation for creators globally.”
Sachin Bhanot, Prosus Ventures
Sachin Bhanot, Head of Southeast Asia Investments for Prosus Ventures, mentioned: “BandLab has constructed a next-generation platform that’s democratizing music creation for creators globally.
“The corporate has skilled spectacular development whereas producing stable person engagement. We’re thrilled to help the corporate’s dedication to utilizing revolutionary applied sciences, like AI, to place the ability within the palms of creators.”Music Enterprise Worldwide
Picture Supply : www.musicbusinessworldwide.com – https://www.musicbusinessworldwide.com/social-music-creation-platform-bandlab-closes-series-b-funding-round-at-65m/
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