In a space where acquiring fund is touted to be quite difficult, Malawian music streaming startup – Mvelani (owned by Dumisani Kpanga) — has gone on to raise $57,000 in funding from an angel investor. Furthermore it is planning to use it to launch its mobile app and also expand to Nigeria.
Mvelani, which launched early last year, provides a template that allows artists share their music on the platform by creating an account and uploading songs, after which users are then able to stream this music.
According to a publication on Disrupt Africa while taking the words of Dumisani Kpanga on this development, “We want to offer localised advertising targeted at African businesses, so if you are in Lusaka we will be able to serve adverts from businesses near you. We are also planning on increasing our footprint in Nigeria. We have to date been focused on the Malawian market and want to expand from there”. He also claims that bringing listeners to its platform will migrate them away from piracy, and that less monetised platforms allow artists to generate far greater royalties.
To think that the so called fund was raised from a single angel investor is quite laudable. This is also a point of call to other angels in providing funds to startup in other key areas.
Source: Disrupt Africa