Author’s note: 3:00 PM/April 25, 2023: This article has been updated with information that emPawa Africa did invest in Vydia, exiting after the sale and that Zagadat Capital has made investments into startups like Empawa Africa, betpawa, Paisa, Eden Life, Ruka Hair, Decagon, Apata, Turf, Shoobs, and Choplife Limited.
Last week, several reports emerged suggesting that Zagadat Capital, the investment vehicle of Nigerian entrepreneur and musician, Ajibade Oluwatosin, popularly known as Mr Eazi had received a windfall following the sale of Vydia to gamma. While some reports claimed Vydia is a Zagadat Capital portfolio company, others claimed it is owned by Mr Eazi, so what is the truth about all this? Let’s find out.
What is Vydia?
For starters, Vydia is a musictech company that helps musicians to manage, monetise, and distribute their art. The company, headed by Roy LaManna, was founded in 2012 and has raised more than $8 million since its inception. In December 2022, it was acquired…
