Anghami, the music streaming company, has announced that it has raised an undisclosed amount in a Series B investment round led by Dubai-based private equity firm Samena Capital.
UAE-based telecommunications service provider du also subscribed to the fundraising and entered into a commercial agreement with Anghami to bundle its music streaming service with du products, a statement said.
Anghami, which has offices in Dubai and Beirut, said the completion of the Series B investment round marks the third successful fundraise by Anghami, which was seeded by Middle East Venture Partners (MEVP) in 2012.
The company added that the proceeds of the latest round will fund the next phase of Anghami’s user acquisition and further regional expansion. The investment will also be used to grow the company’s 20 million song library, which includes the largest catalogue of digital Arabic music globally, and to enhance Anghami’s rapidly growing music video platform among other new features.
In the last three years, Anghami said it has grown its subscriber base 11-fold to 30 million users, and its monthly active user base five-fold to a current 6 million users. At least 700 million songs are streamed per month from Anghami’s multi-application platform.
Eddy Maroun, co-founder and CEO of Anghami, said: “We are delighted to have Samena and du onboard and are confident of the value they bring to our expansion. We have an ambitious vision for Anghami.”
Wassim Moukahhal, senior vice president at Samena Capital said: “Samena Capital invests in companies that have the potential to become regional champions. In Anghami, we found all the right ingredients; a talented management team who are experts and innovators in their fields, a sophisticated, high-tech product and a proven business model that earned the company its undisputed leading position in the Middle East.”
Carlos Domingo, chief new business and innovation officer at du, added: “The future of telecommunications and media are converging and we think that with the leading and distinct music platform that Anghami is creating, combined with our connectivity and distribution capabilities, we can provide unique and new value proposition to delight our customers.”
Anghami features licensed content from leading Arabic labels such as Rotana, Platinum Records, Mazzika, Watary and leading aggregators, as well as major international music labels such as Universal, Sony, Warner.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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