Nigerian Afro Pop star Mr Eazi’s venture capital fund, Zagadat Capital, has made a whopping $1 billion in a secondary buyout of its portfolio company, Vydia.
The buyout was led by Larry Jackson, a former Apple executive, through his new multi-faceted company called gamma. Apple, Eldridge Industries, and A24 are also listed as investors in the company.
Vydia, which has previously worked with artists such as Akon, Kanye West, Mr Eazi, and Anuel, was acquired by gamma in this deal. Jackson said that gamma is a progressive media company with the best-in-class content distribution and analytics software, thanks to the Vydia acquisition.
Zagadat Capital, which launched in 2021, has invested in various tech companies such as remittance-based lending company Paisa, African fintech Pawapay, and South Africa basketball team CapeTown Tigers.
The fund’s first investments were in music tech companies, including Mr Eazi’s own creative finance/IP company emPawa, Ticketing platform SHOOBS, and American music distribution platform Vydia.
In simpler terms, Mr Eazi’s venture capital fund made an incredible amount of money by investing in tech companies, including a music distribution platform that has worked with famous artists.
The platform was acquired by a new media company led by a former Apple executive, resulting in a $1 billion buyout.