Tune Studios and BAC Ventures today completed the acquisition of Malaysian live music booking startup Gigfairy for an undisclosed amount.
Kuala Lumpur-based Gigfairy is a platform that helps users easily book live music for any occasion, while simultaneously creating more gig opportunities for musicians. In addition to live music, Gigfairy offers affordable sound system bookings as an option.
Gigfairy was established in November 2014 after topping 1337 Ventures’ Alpha Startups idea validation program. The company subsequently went through 1337 Ventures’ three-month accelerator program and received its first investment from the VC firm. As Gigfairy demonstrated early stage traction, Endeavour Capital invested seed money in the company.
1337 Ventures founder and CEO Bikesh Lakhmichand says, “The Gigfairy deal, which evolved from inception to acquisition in 12 months, demonstrates that traditional businesses realize the need for inorganic growth via startups. I think we are going to witness more of such cases in the next couple of years.”
Tune Studios of the Tune Group was formed by music industry professionals as a one-stop center for all sorts of entertainment solutions, offering audio production as well as a wide spectrum of services, from content development to event management. With 10 fully functioning, state-of-the-art rehearsal and recording studio rooms, Tune Studios is currently the largest audio production facility in Malaysia.
The company and BAC Ventures have tied up for a number of live events and concerts. “It’s a great synergy,” notes Bikesh.
This is an excerpt from Tech in Asia. You can read the full article here.