The Dubai based investment banking platform looks to work closely with the Middle Eastern streaming service after an initial investment.
Anghami have just sold a stake to Shuaa for an undisclosed amount, an asset management and investment company in Dubai. The firm’s boss has also revealed that Middle Eastern music streaming service Anghami are “working on another transaction”, so their could be more news on the way.
Head of Shuaa, Alseddiqi said in a statement: “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.”
Anghami’s co-founder, Elie Habib (pictured above), commented on their commitment to growth and how new investments are helping to make that happen. Habib said: “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.”
Habib 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.”