Hong Kong-based Allsaints Music Group announced on Tuesday that it had raised $60 million in a Series B1 round of financing. CMB International and OPPO led the round, followed by Xiaomi and Huiyou Capital. Lighthouse Capital is currently acting as the company’s exclusive financial consultant.
Allsaints Music Group received early investment from several world-famous mobile technology companies and has signed global strategic agreements with three leading device manufacturers, OPPO, vivo and Xiaomi, to roll out a wide variety of choices in the music business. Based on their advantageous position close to the end user, Allsaints Music Group is accessible to billions of mobile phone users and hundreds of millions of music lovers all over the world.
After many years of cooperation with others in the global music industry, Allsaints has secured relationships with a variety of partners, including recording companies, and has been able to build up its own competence in the copyright field. The company is looking to further expand its partnerships with other like-minded businesses in the industry.
Streaming media platforms now occupy a large position of the digital music market, but the rise of mobile access has not brought to the music industry the same revolutionary changes that TikTok has brought to video. The founders of Allsaints Music Group hope to bring changes to the digital music world by building an excellent PGC (Professional Generated Content) and PUGC (Professional User Generated Content) environment.
According to Tianyancha, Allsaints Music Group was founded by digital music veterans Zhu Yingbo and Chen Ge, with the aim to build a global platform for the new generation of musicians. CEO Zhu Yingbo said: “We welcome more talents who love music to join and stand on the shoulders of giants to help musicians around the world realize their dreams.”