Dubai investment banking firm Shuaa Capital announced in a statement on Tuesday that it has invested in the Lebanon-based streaming service Anghami.
This is part of a new funding round, however, the amount remained undisclosed.
“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”, explaining their investment decision.
Elie Habib, the co-founder of Anghami, added: “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.”
Anghami launched by Eddy Maroun and Elie Habib in Beirut, Lebanon, in 2012 as the region’s first music streaming platform.
Today, it is the leading music platform in the MENA region with a catalog consisting of over 50 million songs with more than 70 million users.
In 2019, Anghami delivered 10 billion music streams.
Anghami has offices in Beirut, Dubai, Cairo, and Riyadh. However, it recently announced it will be moving its headquarters from Beirut to Abu Dhabi.
