Mavin Records has entered a multi-million dollar equity investment partnership with Kupanda Holdings.
The company told Music Business Worldwide on Wednesday that it will use the investment to expand its operations in order to meet “rapidly growing international demand” for African music.
Kupanda Holdings, a joint venture between Kupanda Capital and TPG Growth; is a significant investor in the likes of Spotify, CAA, Uber and AirBnB.
“By collaborating with artists, African creatives, local and international partners, we can become a globally recognized household name and the go-to platform for connecting African music with the world.”
Don Jazzy, who was born Micheal Ajereh Collins, founded the record label in 2012 after the collapse of Mo’Hits Record, a record label he founded with Dapo ‘D’Banj’ Oyebanjo.
Mavin is home to Tiwa Savage, Korede Bello, Johnny Drille, Di’ja and D’Prince.
Commenting on the investment, Tega Oghenejobo, Mavin’s chief operating officer, said: “With the resources and operational capacity Kupanda Holdings brings along with their investment, Mavin is now ready to grow our artist roster across the continent, and partner at a global scale. We are looking to build an institution that will support the fantastic creative ecosystem in Africa, and move Afrobeats to the forefront of the global industry.”
Bobby Pittman, a managing partner at Kupanda Holdings, said: “Between Don Jazzy’s legacy of defining the sound of modern Afrobeats and developing top African artists, Mavin Global has a unique advantage and opportunity to build the record label that will accelerate bringing African popular music to the world.
“We are impressed by the Mavin team’s experience and are pleased to partner with them in their next phase of growth.”