• Lebanon-founded music streaming app Anghami Inc. has secured a $55 million funding round from OSN Group, $12 million of which is an initial investment in a convertible note programme.
• Anghami, founded in 2011 by Eddy Maroun and Elie Habib, joined forces with OSN+, owned by Kuwait Projects Company Holding (KIPCO), in April to merge into one media conglomerate.
• OSN+ now owns 55.45% of Anghami, giving it a majority stake.
• This investment aims to accelerate Anghami and OSN+'s growth trajectory, enabling the platforms to expand their content library.
• In March 2024, Saudi Arabia's media giant MBC Group acquired a 13.7% stake in Anghami, which went public on the US NASDAQ last year.

Press release:

Building on the success of their partnership, Anghami Inc. (NASDAQ: ANGH) has announced that it secured a significant new round of funding from OSN Group of up to $55 million with a $12 million initial investment in a convertible note program. This investment represents a significant milestone in Anghami Inc.'s journey to redefine digital entertainment in the MENA region, further solidifying its position as the go-to destination for premium audio and video content.

Since the initial strategic partnership between OSN and Anghami Inc. in April 2024, which brought together the unparalleled premium video streaming capabilities of OSN+ and its 18,000 hours of content with Anghami's robust audio portfolio of over 100 million songs and podcasts, the partnership has delivered robust growth.

Highlights include:

• Rebuilt and relaunched the new OSN+ platform, resulting in increased time spent and higher engagement of subscribers
• Launched the new 4K Premium Plan with Dolby Atmos and Dolby Vision
• Delivered 41% growth in video streaming subscribers between April and October 2024.
• Implementation of sophisticated improvements in the AI recommendation engine, resulting in enhanced content discoverability 

This latest investment aims to accelerate Anghami and OSN+'s growth trajectory, enabling the platforms to expand their content library, enhance user experience through cutting-edge technologies, and strengthen their presence across the MENA region. It is also aimed to drive innovations such as AI-driven personalisation and next-generation streaming technologies.

Elie Habib, CEO of Anghami and OSN+, said: "The success of this partnership is a testament to the power of collaboration and innovation. With this new investment from OSN Group, we are poised to elevate the digital entertainment experience for MENA audiences even further and expand our reach."

Joe Kawkabani, CEO, OSN Group, added: "This new round of funding reflects our unwavering belief in Anghami's potential to lead the MENA region in digital entertainment. Together, we will continue redefining how audiences experience premium content, ensuring our platform remains a pioneer in the industry."