5 Music Startups in  Africa that Have Raised Over $100K in Funding

The African music industry is humming with excitement and potential, driven by a young, tech-savvy population that’s putting African beats on the global map. 

As digital platforms like Boomplay, Spotify, and Apple Music make African rhythms accessible worldwide, the continent’s music scene is not just about the art—it’s also about innovation and entrepreneurship. 

With mobile technology and internet access spreading rapidly, more Africans can enjoy and share their music heritage, leading to a booming industry poised for significant growth. 

From 2021’s $92.9 million, Africa’s music streaming revenue is projected to soar to $314.6 million by 2026. This surge is nurturing a fertile ground for music startups, some of which have successfully raised substantial funding to scale their innovative solutions. 

Here are the dynamic African music startups that have each raised over $100,000, showcasing the vibrant potential of the continent’s music industry.

Anghami

Anghami leads as a pioneer in music streaming across the Middle East and North Africa, offering over 57 million songs to its 70 million users. Founded in Beirut in 2012 by Elie Habib and Eddy Maroun, Anghami relocated its headquarters to Abu Dhabi in 2021, aligning with the Abu Dhabi Global Market initiative. 

The platform’s impressive funding journey includes a $63.6 million raise through post-IPO equity, supported by heavyweight investors like Middle East Venture Partners and Saudi Telecom. 

Anghami’s expansive library not only bridges Arabic music with global tunes but also introduces podcasts, adding diverse content to its repertoire.

Boomplay

Born in Nigeria in 2015 under TECNO Mobile’s umbrella, Boomplay sprang from the vision to give African music a global audience. Under the leadership of Phil Choi, the platform has flourished, securing $25.5 million through multiple funding rounds. 

With over 75 million tracks and a robust presence in numerous African countries, Boomplay isn’t just streaming music; it’s nurturing African talent and offering a stage for local artists to shine internationally.

Mdundo

Mdundo, a Pan-African music streaming and download platform, was founded in 2012 by Martin Nielsen, Francis Amisi, Jura Sidorenko, and Kresten Buch. The platform has raised over $7.1 million across seven funding rounds, including a notable $6.4 million through an Initial Public Offering (IPO) in 2020 on the Danish Stock Exchange, Nasdaq First North Growth Market, which attracted nearly 3,000 investors. 

Mdundo offers free access to a vast library of popular African songs and operates in 15 Sub-Saharan African countries, with a strong presence in Kenya, Tanzania, Uganda, Nigeria, and Ghana. 

Despite a 41% increase in monthly active users, Mdundo’s revenues have been affected by a currency crisis in Nigeria, projecting revenue between DKK 12 million and 14 million (USD $1.71 million to $1.99 million) for the fiscal year ending June 30, 2024. The platform currently serves over 5 million users monthly across Africa.

Ayoken

Innovating at the intersection of music and digital collectibles, Ayoken, founded by Joshua King in 2021, is making waves with its unique approach. The platform, which raised $1.4 million in its pre-seed round, offers fans exclusive digital collectibles from their favorite African artists and influencers. 

This venture not only supports artists financially but also connects them directly with their global fanbase, redefining music merchandising in the digital age.

Groove Platforms

Launched in 2019 by Chidi Okeke, Groove Platforms is reimagining how music is consumed and enjoyed in Africa. With products like uduX Livestream Concert Platform and the upcoming PopRev, Groove Platforms is setting the stage for a digital music revolution. 

Their strategic partnerships with major music labels and telecommunications giant MTN are a testament to their significant impact on the music streaming landscape.