Singapore-based BandLab Technologies, which is behind the social music creation platform BandLab, on Wednesday, announced raising an additional sum of $25 million in its Series B1 round.
The latest round values the company post-money at $425 million, according to a statement.
BandLab closed its original Series B round at $65 million last year at a post-money valuation of $315 million following an investment by Tencent-backed public investment firm Prosus Ventures.
The latest tranche was led by existing investor Cercano Management—previously known as Vulcan Capital—with participation from Prosus Ventures.
The fresh funding will help BandLab Technologies to increase its headcount and double down on emerging creator campaigns as part of the efforts to extend its reach to untapped communities of musicians and fans.
“We are at a captivating juncture where technology and art intersect, bringing down the conventional barriers to creativity,” BandLab CEO and co-founder Meng Ru Kuok said in the statement.
“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 added.
Founded in 2015, BandLab became a social music creation platform helping musicians and music fans by reducing technical, geographic, and creative barriers.
BandLab is now engaging with over 60 million creators and musicians, up from about 40 million in 2021. In a previous conversation with DealStreetAsia, Meng Ru Kuok said the company sees itself as a music company with its largest revenue at the time coming from physical commerce.