The venture capital firm of well-known Nigerian artist Mr. Eazi, Zagadat Capital, made $1 billion through the secondary buyout of Vydia, one of its portfolio companies.
Gamma, a music and technology firm controlled by former Apple Music executive Larry Jackson, purchased Vydia.
Speaking on the acquisition, Jackson said, “gamma is built with the flexibility and aptitude that creators need to connect with fans on all formats and across all channels – with transparency and no restriction.
“We are a progressive media company powered by the best-in-class content distribution and analytics software by way of our Vydia acquisition, and central to its core, gamma is an ideas company.”
Artists including Akon, Kanye West, Mr. Eazi, and Anuel have already collaborated with Vydia, the firm that provides the infrastructure for digital music and video delivery.
Zagadat Capital was founded in 2021, and since then, it has made investments in a variety of tech firms, including the remittance-based loan firm Paisa, Eden Life, the African fintech Pawapay, and most recently, the South African basketball franchise CapeTown Tigers.