Hong Kong-based Allsaints secures $60M in Series B1 financing round

Hong Kong-based Allsaints secures $60M in Series B1 financing round

Allsaints Music Group, a Hong Kong-based music company, has reportedly bagged $60 million in a Series B1 financing round, initiated by CMB International and OPPO. This funding round also includes participation from other investors namely Huiyou Capital and smartphone giant, Xiaomi.

Sources familiar with the matter have reportedly stated that the early investors of Allsaints include prominent mobile technology companies. The company also has struck global strategic agreements with various mobile device manufacturers such as Xiaomi, Vivo, and OPPO. In addition, it is accessible to multiple mobile phone users through its deals inked with varied manufacturers, sources added.

Founded by digital music veterans namely Chen Ge and Zhu Yingbo, Allsaints has developed strong relationships with various partners, including recording companies. Zhu Yingbo has apparently cited that the company has been placing high emphasis on assisting the growth of musicians worldwide.

As per the statement made by Wen Jiang, Xiaomi Corporate Investment Division’s Managing Director, the adoption of mobile Internet technology and smart devices is expected to help transform the digital music market. The company has expressed its appreciation towards Allsaints for accumulating a profoundly successful track record in the global music industry, he added.

The recent $60 million financing round of Allsaints happened along the heels of NetEase’s withdrawal of a $1 billion IPO of Cloud Village, its subsidiary in Hong Kong. This technology giant scraped the IPO reportedly due to concerns regarding the regulatory crackdown on the technology groups in China. According to the firm’s listing documents, Boyu Capital, General Atlantic, Baidu Inc., and Alibaba Group Holdings, are investors of its subsidiary company.

In May 2021, NetEase announced plans to spin off Cloud Village as well as retain 62.4% ownership of this streaming business. The company, due to its voting structure, was also planning to retain at least 50% of the voting power in the firm, as per regulatory filings.

Source credit:

https://www.musicbusinessworldwide.com/hong-kong-based-allsaints-music-group-raises-60m-in-series-b-round/