Anghami raises fresh funds from Shuaa Capital as part of an ongoing $50 million round

SectorFinancial Markets

Anghami, the Beirut-headquartered leading music streaming service of the Middle East & North Africa has raised fresh funds from UAE’s Shuaa Capital, the company and investment firm announced in a joint statement on Tuesday, without disclosing the size of the deal. The investment is part of an ongoing $50 million round, Anghami’s co-founder Elie Habib told MENAbytes today. Started in Beirut in 2012, Anghami today is the leading music streaming platform in the region with over 50 million songs and 70 million users. The music streaming startup was said to be in talks over a year ago with OSN and a few other players for a potential sale at a valuation of $400 million but Elie in a conversation with MENAbytes in January 2020 had said that they’re raising a new round of financing and also considering different acquisition options. In his latest interview with MENAbytes, Elie has hinted that they’re no longer considering sale an option, for now at least, “We have been actively working over the past year to figure out a different growth strategy for Anghami without selling out. For us, since the beginning, Anghami has been a challenge to create a service that competes with the large more...