Lebanon-based music streaming app Anghami has raised an undisclosed amount in its Series B funding round.
The valuation at which the firm raised the fresh funding is not disclosed, but Anghami will use the funds to expand and user for acquisition. The startup will also expand its 20 million song library.
The funding round was led by private equity firm Samena Capital, and saw participation from UAE telco, Du.
As part of the deal, Du also signed a pact to bundle Anghami’s streaming service with its products, Wamda reported.
This is the firm’s third fundraising round.
Two earlier funding rounds were led by Middle East Venture Partners (MEVP) in 2012 and in 2014.
Existing investors also include MBC Group and Mobily Ventures, the investment arm of Saudi telco Mobily.
“The [Anghami]team has done an outstanding job in growing the company and positioning it as the music streaming market leader in the MENA region,” said MEVP managing partner Walid Mansour.
The firm has the right ingredients of a talented management team, a sophisticated, high-tech product and a proven business model, said Samena Capital senior vice president Wassim Moukahhal.
Anghami was founded in 2012 by Maroun and Elie Habib, both Lebanese entrepreneurs, and claims to have 30 million subscribers.
“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,” said Anghami co-founder Eddy Maroun.