Tech in Africa
Music streaming service Mdundo has listed its shares on the the Nasdaq First North Growth Market after a successful pre-sale at US$6.4 million that was oversubscribed. The platform aims to solidify its top position as one of the leading pan-African music streaming websites.
Downloads for Mdundo is Q2 hit an all-time high of 53m across the African markets it operates.
Mdundo mainly serves Kenya, Nigeria, Uganda, Ghana, and much recently expanding into Mozambique, Rwanda, Zambia, Namibia, Congo, Malawi, South Africa, Angola, and Cameroon.
The IPO was part of a fund raising strategy to raise capital for its ambitious expansion project. The two-week tender period that precedes the sale saw its share price oversubscribed by 110%
In an effort to safeguard African talent, Mdundo announced their collaboration with AudioLock that saw them remove over 181,000 pirated/infringed African music off the internet. In a statement shared in February, the CEO at Mdundo, Martin Nielsen, says “We’re excited about these results, the team and I are always considering new ways to help musicians earn more revenues and provide them with more of the tools available globally. Music fans are rarely aware of the legitimacy of the music websites they are using, this initiative will guide the users to the best places in Africa to access music legally without interfering with the user experience.”
