BandLab, a Singapore-based software that allows users to create and share music, revealed today that it has secured $65 million in a Series B round, valued at $315 million post-money. Vulcan Capital led the financing round, which also included Prosus, Caldecott Music Group, and K3 Ventures. BandLab is used by approximately 40 million artists, according to the firm. A Mix Editor, royalty-free sounds, Mastering, and SongStarter, or royalty-free compositions, are among the app’s music-making features. According to TechCrunch, the extra cash will be used on recruiting, developing new services, and “prioritizing innovative methods for artists and rights holders to benefit from the creative economy.”
BandLab is part of Caldecott Music Group’s (CMG) digital branch, which is well notable for its acquisitions. It formerly held half of Rolling Stone, which is sold in 2019, before investing in NME and Uncut. NME and Uncut are now part of NME Networks, CMG’s media business. ReverbNation, a musician discovery tool, was recently bought by BandLab. Crowd Review, which allows musicians to measure how listeners feel about their music before it is released, and Promote Your Track, which allows musicians to create marketing campaigns on Facebook, Instagram, and music websites, have already been incorporated into BandLab.
When questioned about prospective acquisitions, Kuok stated that the business sees “some highly fascinating prospects in the market,” but none that they can reveal at this time. In order to expand its worldwide reach, the firm behind the legendary rock magazine Rolling Stone has sold a 49 percent stake to a Singaporean startup. Wenner Media, located in the United States, announced the sale of its interest to BandLab, based in Singapore, over the weekend, however, the sum paid was not disclosed. BandLab is led by Meng Ru Kuok, the 28-year-old son of Kuok Khoon Hong, the palm oil tycoon, and this isn’t the company’s first major acquisition.
Swee Lee, a guitar and another instrument distributor, was bought in 2012, while Mono, a San Francisco-based instrument design studio, was acquired last week. It also has a free app that allows musicians to make and share music. BandLab will “focus on extending Rolling Stones’ business in new areas and accelerating the brand’s worldwide expansion,” according to the company. This will result in the formation of Rolling Stone International, which will oversee the newly acquired part of the company and, according to Bloomberg, promote live events, merchandise, and hospitality to broaden the brand’s reach beyond publishing. (Editorial control, by the way, will not be a BandLab responsibility, according to the corporation.) Local editions of Rolling Stone are already available in 12 countries.