Earlier this year, Nigeria’s leading music record label, Mavin Records, announced that it had secured a “multi-million-dollar” equity investment from Kupanda Holdings. The partnership was aimed at supporting the Lagos-based label’s expansion drive.
Now, barely two months afterwards, Marvin Records’ boss, Don Jazzy, announced via his social media pages that the label just signed its newest artist.
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Today another Mavin is Activated. Mavin/Jonzing is excited to present the newest MAVIN @HeIsREMA. Rema is a super talented young artist I have no doubt is going to be the future of Afrobeats. Guys pls help me Welcome him to the family. Click on the link on my bio to hear new songs from him. #WelcomeREMA #REMAisON #REMAactivated #Jonzing
Confirming the development, Mr Tega Oghenejobo, Mavin Global’s Chief Operating Officer, said the signing was courtesy of the company’s earlier partnership with Kupanda which has allowed them to grow and bring more artist to the label.
The new artist
The new upcoming act. Rema, will join other Mavin’s performing acts like Tiwa Savage, D’Prince, Korede Bello, Dr.Sid etc, in making good music. Already, he has dropped a new single.
Making a positive move
The inclusion of another artist to the label has shown that the Mavin Group is serious about its expansion drive this 2019.
About the deal
According to Tega, in an interview with Nairametrics, landing the deal with Kupanda took them over three years. He revealed that Mavin went through a series of due diligence which culminated in Kupanda’s decision to invest in the label.
He also added that the deal does not just cater for signing up artists in Nigeria but across Africa. Also, the funds from the deal will also be utilised to invest in music production and other promotional activities.
Why it matters
This is a welcome development for the record label, which is one of the leading music labels in Nigeria and Africa as a whole. The Equity investment is a good one for the economy as well as, beneficial to the youths whose incredible music talents the money will be invested in.
About Kupanda Holdings
Kupanda Holdings is a joint venture between Kupanda Capital and TPG Growth. TPG Growth is known for its ability to grow and scale businesses. TPG’s many investments include media heavyweights like Spotify, CAA, STX, Vice Media and Cirque du Soleil, as well as TRACE Media.