The investment is part of Anghami's latest funding round and sees SHUAA’s managed funds and co-investors investing in the future growth of Anghami.
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Anghami was founded in Beirut in 2012 as the first music streaming platform in MENA. Today it is the leading music platform in the region with the largest catalog comprising of more than 50 million songs available for more than 70 million users. It now has offices in Beirut, Dubai, Cairo, and Riyadh.
In 2019, Anghami saw the platform deliver 10B music streams and according to recent research by Grand View, the global music streaming market is expected to deliver continued growth, with the Middle East and Africa expected to achieve a CAGR of over 21.0% from 2020 to 2027.
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Jassim Alseddiqi, CEO of SHUAA Capital said, “We are delighted to have led the funding of Anghami. As a team, we have been working closely with Anghami, bringing our expertise in originating and structuring deals to bear in order to successfully complete this investment round.
"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. 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 and we are keen to invest in technology solutions and services."
Elie Habib, Co-Founder of Anghami added, "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. Having last raised funds in 2016, it was important for us to partner with the right investors, who understand our region and our growth model, and that is what SHUAA Capital and its co-investors represent for us."
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