Singapore (April 26, 2022)—BandLab, the social music platform/DAW and parent company of Cakewalk, closed a Series B investment round totaling US $65m with a post-money valuation of US $315m. The company has earmarked the funds for expanding its team and further development of its commercial offerings.
As a result of the round, BandLab added Prosus Ventures, the venture investing arm of Netherlands-listed Prosus, to its list of investors. The investment round was led by Vulcan Capital, the multi-billion-dollar investment arm of Microsoft co-founder and philanthropist Paul G. Allen, with participation from Caldecott Music Group and K3 Ventures, a venture capital firm.
BandLab’s platform currently supports more than 40 million users, ranging from first-time creators to viral TikTok acts to high-end producers with a cross-platform creative ecosystem offering a Mix Editor, royalty-free Sounds library, Mastering tools, newly announced AI-powered SongStarter and more. Artist services like Distribution and direct fan subscriptions are part of the company’s offerings. The upcoming integration of recently acquired independent artist services platform ReverbNation into BandLab will further expand the suite of services available.
“Prosus Ventures has a record of highly successful investments in some of the world’s most groundbreaking companies, and we’re thrilled they see the merits of our vision,” says Meng Ru Kuok, co-founder and CEO of BandLab. “We’re proud to be a leading company in the music creation category and couldn’t be happier to have them join us in empowering the future of music.”