Aditya Hadi Pratama · · 1 min readSG music platform bags $53m from Paul Allen’s Vulcan Capital, others
BandLab, a Singapore-based music platform, has raised US$53 million in a round led by Vulcan Capital, the VC of Microsoft co-founder Paul Allen. The fundraise also saw participation from K3 Ventures and Caldecott Music Group.
The deal, which boosts the company’s valuation to US$303 million, is BandLab’s first founding round that involves external investors.
Bandlab app / Image credit: Bandlab
Launched in 2015, BandLab’s platform allows users to create music for free, collaborate with other musicians, and connect with their listeners more easily. It also helps independent artists distribute their music through ReverbNation, which BandLab recently acquired.
Founded by Meng Ru Kuok, the son of palm oil billionaire Kuok Khoon Hong, BandLab made headlines in 2016 when it acquired a 49% stake in American magazine Rolling Stone through a US$40 million deal. Three years later, the startup snapped up British publications NME and Uncut.
According to a statement, BandLab currently has over 40 million registered users that create more than 10 million songs every month. It plans to use the fresh money for hiring and technology advancement purposes.
See also: This made-in-Singapore app with millions of users is democratizing music creation
Editing by Miguel Cordon and Lorenzo Kyle Subido
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