Larry Jackson’s gamma has confirmed that it has secured investment from Alpha Wave Global.
News of the investment, which was first reported by MBW last month, arrives less than a year after gamma’s March 2023 launch.
Alpha Wave Global joins founding investors Eldridge Industries and Apple.
New York-headquartered Alpha Wave Global’s investments to date include the likes of Uber, Alibaba Group, DealHub, Lyft, and Revolut.
The company, which has strong ties to capital sources in the United Arab Emirates, is also a backer of companies owned/part-owned by Elon Musk, including The Boring Company, SpaceX, and the platform-formerly-known-as-Twitter, X.
Bloomberg reported on Thursday (February 1) that gamma has raised $100 million led by Alpha Wave, valuing the company at $400 million.
Amongst a slate of initial deals struck by gamma last year, was a partnership with Snoop Dogg, which saw the Death Row Records catalog returned to all streaming services worldwide following a week-long exclusive on TikTok.
Gamma’s first acquisition was named as Roy LaManna-founded distribution and services company Vydia, which has previously worked with artists including Akon, Kanye West, Mr Eazi, and Anuel AA.
In May 2023, the company expanded its operations into two key emerging markets – Africa and the Middle East.
Gamma recently entered into a partnership with rapper and ‘hip-hop impresario’ Rick Ross and his Maybach Music Group.
In August, Grammy-nominated artist French Montana partnered with gamma ahead of the release of his new single and video for Good Summer. The press release announcing the news claimed that French Montana turned down a $20 million dollar deal to “stay independent” and partner with gamma.
“gamma represents a unique opportunity as already one of the largest and most culturally relevant music distribution technology platforms combined with a growing roster of important and impactful artists.”
Rick Gerson, Alpha Wave Global
“gamma represents a unique opportunity as already one of the largest and most culturally relevant music distribution technology platforms combined with a growing roster of important and impactful artists,” said Rick Gerson, Co-Founder and Chairman of Alpha Wave Global.
“Combined with the company’s best in class leadership and team, and a global network of like-minded associates, we believe the already impressive momentum of the past year is just the beginning of a large-scale opportunity. We are thrilled to support the business and look forward to being a part of its future.”
“What Larry has successfully built with gamma is a testament to his vision, expert leadership and deep experience at the intersection of culture, music and media.”
Todd Boehly, Eldridge Industries
Todd Boehly, Chairman and Chief Executive Officer, Eldridge Industries, added: “What Larry has successfully built with gamma is a testament to his vision, expert leadership and deep experience at the intersection of culture, music and media.
“We are excited to partner with Alpha Wave Global as gamma continues to flourish and provide artists a dynamic platform to create remarkable content and connection to their fans.”
“While I have immense pride in what we’ve been able to execute and how this team has come together to win, the real stakes are what’s ahead and we couldn’t be happier that Alpha Wave has joined to support our vision for the future.”
Larry Jackson, gamma
Larry Jackson, Co-Founder and Chief Executive Officer, gamma, said: “In less than a year, gamma has scaled across multiple key areas – our technology engine, Vydia, is the fastest-growing distribution service in the music business, we’ve expanded across two continents, and built an impressive roster of artists and creators across a multitude of consumer touchpoints.
“While I have immense pride in what we’ve been able to execute and how this team has come together to win, the real stakes are what’s ahead and we couldn’t be happier that Alpha Wave has joined to support our vision for the future.”Music Business Worldwide