Music streaming platform, Boomplay recently raised $20 million in a Series A round. The funding round was led by Maison Capital and Seas Capital participated in it.
Boomplay is owned by Transsion Holdings; makers of Tecno, Infinix and itel smartphones and other well known consumer electronic brands.
And this fact has worked extensively to the advantage of the self proclaimed ‘Africa’s fastest rising music service.’
According to Canalys; a global technology market analysis firm, Tecno, itel and Infinix smartphones are in number 2, 3 and 5 positions respectively in a list of Africa’s top smartphone vendors. And with Boomplay as the default music player on these smartphones, numbers of users have skyrocketed since its launch in 2015.
In July 2018, the company celebrated a 10-million download milestone on the Google play store and 29 million user base that surpassed 40 million by December of the same year.
Apart from its claims, if the numbers are anything to go by, Boomplay may indeed be Africa’s ‘fastest rising music service.’
The company recently inked a distribution deal with the Universal Music Group(UMG) that will allow it licence the latter’s catalog for Boomplay’s multiple markets within Africa; Nigeria, Ghana, Kenya, Tanzania, Rwanda, Uganda and Zambia.
Even though not explicitly stated, considering these partnerships and milestones, the funds raised will most likely be deployed towards expansion; hiring, building technologies and marketing. And also compete favourably with global rivals.
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Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.