Shuaa Capital invests in music streaming service Anghami

Asset management and investment banking platform Shuaa Capital has invested in Anghami, a MENA music streaming service.

The investment is part of Anghami’s latest funding round, and sees Shuaa’s managed funds platform and co-investors investing in the future growth of the streaming service.

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 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.”

Anghami was founded in Beirut, Lebanon, in 2012 as the first music streaming platform in the Middle East and North Africa. Today, it is the leading music platform in the MENA region with the largest catalog comprising of more than 50 million songs available for more than 70 million users. In 2019, Anghami delivered 10 billion music streams.

Anghami has offices in Beirut, Dubai, Cairo and Riyadh.

According to recent research by Grand View, the global music streaming market in the Middle East and Africa is expected to achieve a CAGR of over 21 per cent from 2020 to 2027.