BandLab, the Singapore-based app that lets customers create and share music, introduced right now it has raised a $65 million Collection B, at a post-money valuation of $315 million. The funding spherical was led by Vulcan Capital, with participation from Prosus, Caldecott Music Group and K3 Ventures.
The corporate says that over 40 million creators presently use BandLab. The app’s instruments for creating music embody a Combine Editor, royalty-free sounds, Mastering and SongStarter, or royalty-free compositions. Co-founder and CEO Meng Ru Kuok advised TechCrunch that the brand new funding might be used on hiring, creating new options and “prioritizing new methods to learn from the creator financial system for artists and rights holders.”
BandLab is a part of the digital division of Caldecott Music Group (CMG), which can be identified for its acquisitions. It as soon as owned of half of Rolling Stone, which it exited in 2019, earlier than buying stakes in NME and Uncut. NME and Uncut at the moment are a part of CMG’s media division, NME Networks. Most lately, BandLab acquired musician discovery platform ReverbNation.
A number of of ReverbNation’s options have already been built-in into BandLab, together with Crowd Evaluate, which lets musicians gauge how audiences really feel about their music earlier than it’s launched, and Promote Your Monitor, for creating advert campaigns on Fb, Instagram and music web sites.
When requested about the potential for future acquisitions, Kuok stated the corporate sees “some extraordinarily attention-grabbing alternatives available in the market,” however none that they will disclose proper now.
Edit: Submit up to date to replicate that BandLab is a part of CMG.