The parent company of the cloud-based music creation platform BandLab has announced a $25 million B1 series, which earned it a post-cash valuation of $425 million.
BandLab Technologies, headquartered in Singapore, the owner of the eponymous offer, as well as DAW Cakewalk, the ReverbNation music network site and the Airbit marketplace, today addressed DMN with a message about its latest promotion. This latest capital injection came after BandLab reported in December 2021 that it had received $53 million from investors at a valuation after investing $303 million.
The same Series B then added another $12 million to its total before officially closing last April with the participation of Cercano Management (founded by Microsoft co-founder Paul Allen and formerly known as Vulcan Capital) and Prosus Ventures.
(Allen passed away in 2018, and Bloomberg reported in February this year that Vulcan/Cercano “was spun off from the late billionaire’s family office at the end of 2021 as an independent business serving the world’s super-rich.”)
Cercano also led the way in today’s round, according to BandLab, a subsidiary of Caldecott Music Group, which also reported “over-the-top involvement of Prosus Ventures.” (The investment arm of the namesake parent company headquartered in Amsterdam, Prosus, which is majority owned by the South African company Naspers, most widely known as one of the first supporters of Tencent.)
Now, according to executives, with more than 60 million registered users in BandLab itself, comprehensive BandLab Technologies intends to use the available $25 million to “increase its workforce” and “double the number of new campaigns for authors.”
And on this front, the business emphasized the presence of “innovative artists” in BandLab, including d4vd, ThxSoMch and Lou Tyler, in addition to highlighting the platform’s multifaceted tools, including an “AI music generator” called SongStarter.
Speaking about the increase in his statement, Meng Ru Kuok (who is CEO of Caldecott, as well as its subsidiaries NME Networks, Vista Musical Instruments and BandLab Technologies) touted the momentum of BandLab’s global expansion against the backdrop of rapidly developing music spaces in emerging markets.
“In this transformational era of mass music creation,” the nearly nine—year—old head of BandLab Technologies said in part, “our dedication to artists, aspiring musicians and creators around the world has never been so strong. We are democratizing music creation all over the world and creating a community where everyone can express themselves through music, regardless of their resources or technical skill.
“With this investment, we are taking a step forward into the future, where every smartphone owner can become a unique musical performer, protected, empowered and heard,” concluded Meng Ru Kuok.
Back in March, the music marketing service based on Unhurd AI presented a seven-figure initial round, while the platform for collaboration of musicians with artificial intelligence Myxt reported an initial collection of $ 2 million in April, and the music startup NFT Anotherblock a week ago said it received about $ 4.35. millions from investors.