April 21, (THEWILL) – Nigerian singer and businessman, Oluwatosin Ajibade, popularly known as Mr Eazi, a soon to be in-law of business mogul and investor, Femi Otedola, has sold Vydia, the portfolio company of his venture capital fund, Zagadat Capital, for $1 billion.
The digital audio and video distribution infrastructure company was acquired by American firm, Gamma.
Gamma is a music and technology firm owned by former Apple Music Executive, Larry Jackson.
Speaking on the acquisition, Jackson said Vydia epitomises the vision of Gamma as an ideas company.
The deal is the biggest in the history of Afrobeats.
Mr Eazi is also the owner of music distribution platform, emPawa.
The platform has previously worked with artists like Mr Eazi, Fave, Joeboy, Darkavibes, and Bella Alubo.
Since Mr Eazi launched Zagadat Capital in 2021, the company has invested in tech companies such as remittance-based lending company, Paisa, Eden Life, African fintech Pawapay, and most recently, South Africa basketball team, CapeTown Tigers.
Prior to these, some of the first investments went into music tech companies like creative finance/IP company emPawa (his company), Ticketing platform – SHOOBS and American music distribution platform, Vydia, whose service emPawa used before financial investments in the platform.
