Allsaints Music Group Raises US $60 million in Series B1 Round

HONG KONG, Sept. 2, 2021 /PRNewswire/ — Allsaints Music Group is pleased to announce the completion of the Series B1 round financing in the amount of US $60 million. This round of financing is led by CMBI and OPPO with co-investors including Xiaomi and Hui Capital etc. Lighthouse Capital is the exclusive Financial Advisor to Allsaints Music Group on this transaction. 

Allsaints Music Group was founded by veterans in the field of digital music and its vision is to build the global music artist platform using internet and blockchain technology beyond where it is today. Founder and CEO Yingbo Zhu was the founding CEO of China Telecom iMusic and also a founding member of ASPire Holdings; Co-Founder and Chief Content Officer, Gary Chen was the Founder/CEO of China first legal music platform and Google Music China; and he once served as a partner and Chief Content Officer of ChangBa Music Group.   

Early strategic investors of Allsaints Music Group include the world’s leading mobile technology companies. The company has reached global strategic agreements with OPPO, vivo, and Xiaomi on streaming music services. Working with music industry partners, Allsaints Music Group can help music artists to reach billions of mobile phone users worldwide by integrating hardware, software, music content, mobile internet and blockchain technology.

Yingbo Zhu, CEO of Allsaints Music Group, said: “We welcome more talents to join us to help global artists and musicians to realize their dreams while standing on the shoulders of giants partners.”

Xinghai Zeng, Managing Director of CMBI, said: “We believe that music will be one of the best-applied scenarios of blockchain. The blockchain technology will help to reshape the music industry, help music content creators have more initiatives in the industrial value chain, and help the music business continue its phenomenal growth. We believe this is the biggest opportunity since the emergence of digital music. CMBI’s investments portfolio companies in blockchain technology sector will work with Allsaints Music Group very closely during this music industry transformation era. “

James Zheng, Corporate Investment Director of OPPO, said: “Digital music is a market with a huge user base and needs to be improved all the time. We are witnessing big changes of user interaction, content creation, distribution and social networking in this sector brought by new mobile technology. We believe in Allsaints Music Group’s professional and excellent team and we are so glad to partner with the company from this early stage. We expect Allsaints Music Group to create better music services to users and the next-generation of global artist and musician platform with more long-term value and sustainable ecology. “

Wen Jiang, Managing Director of Xiaomi Corporate Investment Division, said: “Digital music is a huge market covering the global population but the emerging mobile Internet technology and smart devices are yet to be exploited more to help the transformation of this market. Allsaints Music Group will establish the next-generation global artists and musicians platform to bring artists and fans together. Allsaints Music team has accumulated a profoundly successful track records in the digital music industry. In communications with Allsaints Music team, we always feel their ‘sincerity’ and ‘love’ for the global music industry which are highly consistent with Xiaomi’s values. We are optimistic about Allsaints Music’s future as a pioneer and its contribution to artists and music industry.”

Jaden Xie, Executive Director of Lighthouse Capital, said: “Digital music is a huge market for companies to grow to $100 billion valuation potentially and the industry is at a turning point. Allsaints Music team has the top industry resource and integration capabilities. With keen insights on users and subversive product innovation, the company has the opportunity to create a next-generation global music ecology and establish the direct relationship between musicians and fans. We are very optimistic about the future of Allsaints Music Group and we are fortunate to help the whole process of the company’s business planning, strategic development and financing transactions. We look forward to witnessing the birth of the next-generation global music platform.”

SOURCE Allsaints Music Group Limited

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