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Shuaa Capital announced on Tuesday its investment in the MENA region’s first music streaming platform as part of its increased focus on technology-related investments.
The asset management and investment banking platform’s investment comes in as part of Anghami’s first funding round since 2016. Through it, Shuaa Capital’s managed funds and co-investors will invest in the future growth of Anghami.
“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 to successfully complete this investment round,” said Jassim Alseddiqi, CEO of Shuaa Capital.
“Anghami is ideally aligned with our investment criteria, having been the first music streaming platform here in the region 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,” he added without disclosing the value of the investment.
Jassim Alseddiqi, CEO of Shuaa Capital
Founded in Lebanon in 2012, Anghami today has a catalogue of more than 50 million songs available to 70 million users. It now has offices in Beirut, Dubai, Cairo and Riyadh.
“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 Elie Habib, co-founder of Anghami.
“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,” he continued.
In 2019, Anghami saw the platform deliver 10 billion music streams and, according to recent research, the global music streaming market is expected to deliver continued growth, with the MENA region expected to achieve a compound annual growth rate of over 21 percent from 2020 to 2027, compared to 17.8 percent globally.
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