The guardian firm of cloud-based music-creation platform BandLab has introduced a $25 million Collection B1 that introduced with it a $425 million post-cash valuation.
Singapore-headquartered BandLab Applied sciences, the proprietor of the namesake providing in addition to DAW Cakewalk, musician-networking website ReverbNation, and beat market Airbit, reached out to DMN at present with phrase of its newest elevate. This latest capital infusion comes after BandLab revealed in December of 2021 that it’d secured $53 million from buyers at a $303 million post-money valuation.
The identical Collection B then added one other $12 million to its whole earlier than formally closing in April of final 12 months, with Cercano Administration (established by Microsoft co-founder Paul Allen and beforehand referred to as Vulcan Capital) and Prosus Ventures having participated.
(Allen handed away in 2018, and Bloomberg reported in February of this 12 months that Vulcan/Cercano had been “spun out of the late billionaire’s household workplace in late 2021 as a standalone enterprise catering to the world’s super-rich.”)
Cercano likewise led at present’s spherical, in line with the Caldecott Music Group subsidiary BandLab, which additionally disclosed “super-pro rata participation from Prosus Ventures.” (The funding arm of the namesake Amsterdam-headquartered and -traded guardian, Prosus is majority-owned by South Africa’s Naspers, itself most generally referred to as an early backer of Tencent.)
Now boasting greater than 60 million registered customers on BandLab itself, per execs, the overarching BandLab Applied sciences intends to make use of the $25 million at hand to “develop its workforce” and “double down on rising creator campaigns.”
And on this entrance, the enterprise emphasised the BandLab presence of “groundbreaking artists” together with d4vd, ThxSoMch, and Luh Tyler – in addition to highlighting the platform’s multifaceted instruments, amongst them an “AI music generator” referred to as SongStarter.
Addressing the elevate in an announcement, Meng Ru Kuok (who serves as CEO of Caldecott in addition to its NME Networks, Vista Musical Devices, and BandLab Applied sciences subsidiaries alike) touted the worldwide enlargement momentum of BandLab in opposition to the backdrop of quickly growing music areas in rising markets.
“On this transformative period of mass music creation,” the practically nine-year BandLab Applied sciences head stated partly, “our dedication to artists, aspiring musicians, and creators worldwide has by no means been stronger. We’re democratising music creation globally and fostering a neighborhood the place everybody can categorical themselves via music, regardless of their sources or technical prowess.
“With this funding, we step ahead right into a future the place each smartphone proprietor has the potential to be a novel music artist who’s protected, empowered, and heard,” completed Meng Ru Kuok.
Again in March, AI-powered music-marketing service Unhurd unveiled a seven-figure seed spherical, whereas AI musician-collaboration platform Myxt detailed a $2 million seed elevate in April and music NFT startup anotherblock stated one week in the past that it had obtained about $4.35 million from buyers.