Private equity investors are making a bet on Afrobeats’ rapid rise up the global charts

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.

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