Mr Eazi’s Venture Capital Fund, Zagadat Capital, Sells Vydia for $1 Billion in Historic Afrobeats Deal
Nigerian singer and businessman, Oluwatosin Ajibade, better known as Mr Eazi, has made an indelible mark on the Afrobeats industry with the recent sale of his portfolio company, Vydia, for an astonishing $1 billion.
This groundbreaking transaction sets a new record as the largest deal in Afrobeats history, highlighting Mr Eazi’s influence in the music and business worlds.
Vydia, a leading digital audio and video distribution infrastructure firm, has been acquired by Gamma, an American music and technology company spearheaded by former Apple Music Executive, Larry Jackson.
Gamma’s vision aligns perfectly with Vydia’s capabilities and potential, with Jackson expressing his enthusiasm for the acquisition, stating, “Vydia epitomizes the vision of Gamma as an ideas company.”
Mr Eazi, who is set to become an in-law of renowned business tycoon and investor Femi Otedola, also owns the music distribution platform, emPawa.
This innovative platform has fostered collaborations with various artists such as Mr Eazi himself, Fave, Joeboy, Darkavibes, and Bella Alubo. Through emPawa, Mr Eazi has played a pivotal role in promoting and supporting emerging talents in the Afrobeats scene.
Established in 2021, Zagadat Capital has quickly gained a reputation for its strategic investments in a diverse range of tech companies.
These include remittance-based lending firm Paisa, home services provider Eden Life, African fintech company Pawapay, and, most recently, the South African basketball team, CapeTown Tigers. Zagadat Capital’s portfolio reflects Mr Eazi’s commitment to fostering innovation and growth in the African tech ecosystem.
Before these investments, some of Zagadat Capital’s initial ventures focused on music tech companies. Among them were creative finance/IP company emPawa (Mr Eazi’s own enterprise), ticketing platform SHOOBS, and American music distribution service Vydia.
Interestingly, emPawa utilized Vydia’s services before any financial investments were made into the platform, demonstrating Mr Eazi’s confidence in Vydia’s potential from the outset.
The success of this historic deal not only cements Mr Eazi’s status as a dominant figure in music, business, and technology, but it also showcases his ability to identify lucrative investment opportunities and foster the growth of new ventures.
As a multifaceted entrepreneur, Mr Eazi’s impact on the global entertainment industry is undeniable.
Looking ahead, the acquisition of Vydia by Gamma is poised to revolutionize the music distribution landscape, providing artists with cutting-edge tools and platforms to reach new audiences and expand their careers.
As the digital age continues to transform the way music is created, distributed, and consumed, the combination of Vydia’s infrastructure and Gamma’s vision could lead to a new era of innovation in the music industry.
Furthermore, Mr Eazi’s success with Zagadat Capital and emPawa highlights the tremendous potential for growth in the African tech and entertainment sectors.
As more entrepreneurs and investors turn their attention to the continent, it is likely that we will see an increasing number of groundbreaking deals and collaborations, fueling economic growth and fostering a thriving creative ecosystem.
