Oluwatosin Ajibade, popularly known as Mr Eazi, a Nigerian musician and entrepreneur who is soon to become the son-in-law of the prominent business magnate and investor, Femi Otedola, has successfully divested Vydia, a portfolio company of his venture capital fund, Zagadat Capital, to Gamma, an American music and technology firm.
The digital audio and video distribution infrastructure company was acquired for a colossal sum of $1 billion, thereby marking the most significant transaction in the history of Afrobeats.
Gamma, which is headed by former Apple Music Executive, Larry Jackson, envisions itself as an ideation entity, and as such, the acquisition of Vydia is a strategic move that aligns perfectly with its corporate goals. Mr Jackson stated that Vydia embodies Gamma’s vision, and this sale will be an impetus to propel the company’s growth.
In addition to his business acumen, Mr Eazi is also an artist in his own right, and he owns emPawa, a music distribution platform that has been instrumental in promoting a myriad of talents such as Fave, Joeboy, Darkavibes, and Bella Alubo. Since its inception in 2021, Zagadat Capital has invested in several tech-based entities like Paisa, a remittance-based lending firm, Eden Life, a wellness and lifestyle company, and Pawapay, an African fintech company. More recently, the company has extended its investment portfolio by taking up stakes in the CapeTown Tigers, a South African basketball team.
It is worth noting that prior to these recent investments, Zagadat Capital had made some astute moves in the music tech industry, channeling financial resources into entities like SHOOBS, a ticketing platform, and Vydia, which happens to be the service provider for emPawa.
Mr Eazi’s entrepreneurial exploits are worth admiring, and his ability to spot lucrative investment opportunities in diverse industries is a testament to his astuteness.