BandLab raises US$25 million in extended Series B round

Wu Xinyi

Published Tue, May 23, 2023 · 10:00 PM

SINGAPORE-BASED social music creation platform BandLab has raised an additional US$25 million in a new round of Series B1 funding from existing investors.

Led by Cercano Management - formerly known as Vulcan Capital - and with super pro-rata participation from Prosus Ventures, the latest round of funding brings BandLab’s post-money valuation to US$425 million. Its total Series B funding, including its previous Series B round in 2022, is now US$90 million.

BandLab will use the new funding to expand its team, double down on marketing efforts and support services such as its music education platform BandLab for Education.

BandLab founder Kuok Meng Ru, son of mainboard-listed Wilmar International chief executive officer Kuok Khoon Hong, emphasised the company’s commitment to democratise music creation.

“With this investment, we step forward into a future where every smartphone owner has the potential to be a unique music artist who is protected, empowered and heard,” he said.

Founded in 2015, BandLab now reports a community of over 60 million registered users, including viral music sensations d4vd and Luh Tyler.