Dubai investment banking firm Shuaa Capital announced on Tuesday that it has invested an unrevealed amount as part of a new funding circular in the Lebanon-based streaming service Anghami.
Shuaa’s investment was driven by the purpose of growing Anghami, the Middle East’s substitute to Spotify holding more than 55 million users, the asset management company announced in a statement on the Dubai Financial Market.
“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,” Jassim Alseddiqi, Shuaa Capital’s chief executive, said.
“Anghami is ideally aligned with our investment criteria, having been the first music streaming platform here in the region in 2012, delivering exponential growth. This is a continuation of our investment journey into the technology space and we are keen to invest in technology solutions and services,” he added.
In 2012, Anghami started with a $200,000 investment from its two founders, Eddy Maroun and Elie Habib.
Fast forward to 2020, the Lebanon-based music streaming service raised over $40 million from investors, including Dubai venture capital firm Middle East Venture Partners, and investment firm Samena Capital.
“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,” Elie Habib, co-founder of Anghami, said.
“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,” he noted.
According to recent research by Grand View Research, Anghami is expected to deliver continued growth, with the Middle East and Africa market forecast to grow over 21 per cent from 2020 to 2027, compared with 17.8 per cent globally.
Anghami remained the market leader in the region for almost seven years before other applications, such as Swedish audio streaming company Spotify, and Deezer, which is the music streaming platform backed by Saudi Arabian businessman Prince Al-Waleed bin Talal, entered the market in 2018, as stated by The National.
With offices in Beirut, Dubai, Cairo, and Riyadh, Anghami currently has an impressive catalog of more than 50 million songs.