Anghami gets funding from Shuaa Capital
SHUAA Capital’s managed funds platform has invested in Anghami, a music streaming service in the Middle East and North Africa. The undisclosed 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.
Commenting on the investment, Jassim Alseddiqi, Chief Executive Officer 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 successfully complete this investment round.”
According to Alseddiqi, Anghami is aligned with the company’s investment criteria, having been the first music streaming platform here in the region in 2012 and delivering exponential growth since then. SHUAA Capital continues to seek investments with the potential to create significant value for its investors."
The investment is part of a continuous process to fund the growth of Anghami, according to a statement by Alseddiqi to SME10x. Anghami will use the funding to expand its content catalog and its presence in more Arab cities.
Elie Habib, co-founder at Anghami, remarked: "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. 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."
In 2019, Anghami delivered 10 billion 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 percent from 2020 to 2027.