African music streaming platform Boomplay Music has secured a $20 million Series A investment from Chinese investors Maison Capital and Seas Capital. A few undisclosed backers also infused some amount in the firm. The company is owned by Chinese company Transsnet Music. The current round of capital infusion takes the total amount raised by the company to $25.5 million. It had last raised capital in 2016 where it had bagged $5.5 million in Venture round investment.
Boomplay was launched in 2015 as a music streaming and download service in Africa. The company claims to be adding at least 2 million new subscribers on its platform every month. The firm claims to have more than 44 million mobile app download of which 5.6 million are daily users. The services of the company can be availed on Android, ios and Web.
Joe He, the CEO of Boomplay talking about the funding said, "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. 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."
Maison Capital's Tony Li, the managing director of the firm talking about Boomplay and the decision of putting the money noted, "Africa is full of opportunity, from its young demographics to its vibrant culture, and Boomplay sits in the middle of all of that greatness."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."
As the firm has bagged fresh funds, its aim of building Africa's largest and most reliable digital music ecosystem is surely on the right path.