Lebanon-born music streaming app Anghami has raised a Series B round at an undisclosed value, the company said in a statement.
This is the startup’s third fundraising round, with the prior two led by Middle East Venture Partners (MEVP) in 2012 and in 2014. Existing investors include MBC Group and Mobily Ventures, the investment arm of Saudi telco Mobily.
“This has been a very exciting year for Anghami; the team has done an outstanding job in growing the company and positioning it as the uncontested music streaming market leader in the MENA region,” said MEVP managing partner Walid Mansour in the statement.
Anghami will use the money for regional expansion and user acquisition, as well as adding to its 20 million song library.
“We have an ambitious vision for Anghami beyond the streaming application; as a platform with cutting-edge technology, Anghami is empowered to build a strong ecosystem in the region connecting fans, artists, telcos and brands around music,” cofounder Eddy Maroun said in the statement.
Prior to securing its first investment, Anghami had to work hard to convince investors, and as soon as MEVP got on board, the startup took off quickly.
The company was founded in 2012 by Maroun and Elie Habib, both Lebanese entrepreneurs, and now has 30 million subscribers. Deals with MBC and bundling agreements with 15 telcos in MENA gave it often exclusive access to not only music but television shows as well.
Samena Capital senior vice president Wassim Moukahhal said the company had the “right ingredients” of a talented management team, a sophisticated, high-tech product and a proven business model.