By Anghami, the first legal streaming service in the Arab world, has secured a cash injection to boost its growth. Asset management and investment banking platform Shuaa Capital decided to invest during the company’s latest funding round.
Serving the Middle East and North Africa region, Anghami offers Arabic and international music to stream and download. “As Anghami continues to target rapid growth and penetration, combined with our dedicated focus on profitability, we are delighted to have secured the support of Shuaa Capital and its co-investors in this latest round,” said co-founder Elie Habib. “It was important for us to partner with the right investors, who understand our region and our growth model. That is what Shuaa Capital and its co-investors represent for us.” Anghami last raised funds in 2016.
Ideally Aligned
Jassim Alseddiqi, CEO of Shuaa Capital, said: “Anghami is ideally aligned with our investment criteria, having been the first music streaming platform here in the region in 2012 and delivering exponential growth since then.” He added: “At Shuaa Capital, we continue to seek out investments with the potential to create significant value for our investors and for our investee companies such as Anghami. This is a continuation of our investment journey into the technology space. We are keen to invest in technology solutions and services.”
Anghami was founded in Beirut, Lebanon. It’s the leading music platform in the MENA region with offices in Beirut, Dubai, Cairo and Riyadh. It has a huge music library of more than 50 million songs available to more than 70 million users.
Anghami enjoys 70% music streaming penetration in the United Arab Emirates. It has a 35% share of monogamous users in the UAE – well ahead of Spotify and Deezer. Meanwhile, 40% of users in Saudi Arabia do not use any other music streaming platforms.
Also read: Middle East Streaming Service Anghami Feeling The Local Love
