Cercano, Prosus Double Down On Kuok Family-Backed BandLab Investment As Valuation Jumps

—the Singapore-based music app backed by the billionaire Kuok family—said late Tuesday it has raised an additional $25 million from existing investors as the company's valuation jumped 35% from its most recent funding round at the height of the Covid-19 pandemic.

Existing shareholder Cercano Management—formerly known as Vulcan Capital, the investment arm of the late Microsoft cofounder Paul Allen—led the funding round with the participation from early investor Prosus, a backer of Chinese tech giant Tencent. The latest deal brings the valuation for BandLab to $425 million from $315 million when the company raised $65 million in its Series B tranches in 2021 and 2022.

The fresh funding will help BandLab expand its team and reach more aspiring artists around the world. Founded in 2015 by Kuok Meng Ru—son of palm oil billionaire

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