Mavin Records, the independent Nigerian music label behind top artists including Tiwa Savage and Korede Bello, is getting a cash injection from private equity investors looking to ride the Afrobeats wave to pan-African dominance.
The new investment, described as a “multi-million dollar” deal, has been made by Kupanda Holdings, a joint venture between pan-Africa investment company Kupanda Capital and global private equity firm, TPG Growth. TPG has previously backed Spotify, Uber, Airbnb and Trace Media in Africa.
The deal has created a new entity called Mavin Global, which is headed by Mavin’s founder Don Jazzy, the prolific hitmaker/producer behind some of the biggest songs of the early leaders of the Afrobeats’ sound including D’Banj and P Square. The label was founded in Lagos in 2012 by Don Jazzy (real name: Michael Collins Ajereh)—who formerly co-owned Mo’Hits Records with D’Banj, the first global Afrobeats star.
Thanks for supporting our journalism! You’ve hit your monthly article limit. Become a member to help build the future of Quartz.
Get unlimited access to Quartz on all devices. Unlock member-exclusive coverage, CEO interviews, member-only events, conference calls with our editors, and more.