Don Jazzy's Mavin Records has entered a multi-million dollar equity investment partnership with Kupanda Holdings.
Kupanda Holdings, a joint venture between Kupanda Capital and TPG Growth, is a significant investor in the likes of Spotify, CAA, Uber and AirBnB.
An insight and analysis platform for the international music industry, Music Business Worldwide, broke the news on Wednesday.
Mavin Records reportedly told Music Business Worldwide that it will use the investment to expand its operations in order to meet "rapidly growing international demand" for African music.
A managing partner at Kupanda Holdings, Bobby Pittman, said, "Between Don Jazzy's legacy of defining the sound of modern Afrobeats and developing top African artists, Mavin Global has a unique advantage and opportunity to build the record label that will accelerate bringing African popular music to the world.
"We are impressed by the Mavin team's experience and are pleased to partner with them in their next phase of growth."
Over the past seven years, Mavin has leveraged digital platforms like YouTube and Instagram (where it has 1.7 million followers) to target its music to local fan bases, as well as the African diaspora in the US, Europe and UK.
The firm says its new investment will enable it to strengthen this strategy, and develop brand partnerships that "support our artists' values and stories".
Don Jazzy who was born Micheal Ajereh Collins, founded the record label in 2012 after the collapse of Mo'Hits Record, a record label he founded with Dapo 'D'Banj' Oyebanjo.
Mavin is home to Tiwa Savage, Korede Bello, Johnny Drille, Di'ja and D'Prince.