Anghami Founders Eddy Maroun and Elie Habib at Nasdaq with confetti

Middle East and North African music service Anghami has a new backer: the venture capital arm of media group SRMG.

It has announced a $5m investment in the DSP, promising to “bolster Anghami’s growth trajectory through its extensive media reach, content library, and portfolio of leading assets in audio/podcasts”.

The deal will see SRMG taking a seat on Anghami’s board of directors, as well as “the opportunity to increase its investment in Anghami in the future”.

A regulatory filing revealed the details on that: an option to increase its investment to up to $10m within the next year.

The news follows SRMG’s announcement in June of a partnership with Billboard to launch Billboard Arabia, with a mixture of editorial coverage and charts from the MENA region. Anghami will be one of the data providers for those charts.

In May, the company published its latest annual report, revealing that its revenues grew by 36.6% to $48.5m in 2022.

However, its user growth has been much slower: from 18.2 million active users in 2021 to 18.8 million in 2022. Its premium subscribers grew from 1.4 million to 1.5 million in that time.

Anghami’s net losses grew from $18.1m in 2021 to $61.2m in 2022, although the latter included ‘recapitalization expenses’ of $48.5m relating to the company going public in the latter year.

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