Boomplay Completes $20 Million Series A Funding
Boomplay, the largest and fastest-growing music streaming service in Africa, announced that it has raised $20 million in Series A funding led by Maison Capital and followed by Seas Capital and other strategic investors. The funding will be used to fuel Boomplay’s continued expansion, with a focus on content acquisition, product optimization, recruitment, and a further consolidation of its position as the leader in the African market.
Boomplay offers a freemium service where users can stream for free with advertisements and certain limitations, while additional features, such as offline play and ad-free listening, are offered via a paid subscription. As of February, 2019, Boomplay has acquired over 42 million users and hosts the largest online African music catalogue in the world with 5 million tracks.
Boomplay was voted Best African App by AppsAfrica in 2017 and since then has signed landmark partnerships with Universal Music and Warner Music. Boomplay currently has four operational teams in Africa, covering the four largest markets in West and East Africa (Nigeria, Ghana, Kenya and Tanzania).
"We are extremely grateful to Boomplay’s new and past investors for their continued faith and support which has enabled Boomplay to reach this landmark milestone,” said Boomplay CEO Joe He. “Music has no borders, and we’re committed to providing a rich and high-quality music experience for all users - not just in Africa, but around the world. This investment will help us do just that, by fostering cultural interchange and helping people communicate through the universal language of music.”
“Africa is full of opportunity, from its young demographics to its vibrant culture, and Boomplay sits in the middle of all of that greatness,” said Tony Li, Managing Director of Maison Capital. “Boomplay has incorporated NetEase's experience in the music streaming business with Transsion’s expertise in local operations, and in doing so Boomplay became the dominant player in the region in a very short period of time. As more of Africa comes online, we are confident that Boomplay will continue to be a major force in business and culture.”
First launched in Nigeria in 2015, Boomplay began as the default music player of the TECNO Boom J7 music phone. Now a wholly-owned subsidiary of the joint venture established between Transsion Holdings and Chinese Internet tech leader NetEase, the Boomplay app is currently available for Android, iOS and web.
Boomplay is a music and video streaming and download service developed and owned by Transsnet Music Entertainment Group. As of February 2019, Boomplay had more than 42 million users, and a music catalogue of 5 million songs. Its partners include global music giants such as Universal Music and Warner Music. The Boomplay service is currently available for Android, iOS and Web. Boomplay aims to build Africa's largest and most reliable digital music ecosystem. For more information, please visit here.
About Maison Capital
Established in 2004, Maison Capital is a fund management organization focusing on equity investment business especially outstanding companies in the growth stage and in consumption and technology industries. Historical investment cases include Dajiang Innovation (DJI) and Transsion Holdings. For more information, please visit here.
About Seas Capital
Seas Capital is a newly founded venture capital firm that focuses on structural innovation investments. Founded by Mr. Mike Peng in 2019, Seas is set to focus on Software & Services, Consumer Goods & Services, as well as Globalization, specifically oversea brands and technological innovations. With Africa being the youngest continent in the world, we believe that the right investment will unlock the continent’s enormous potential.