The venture capital arm of Saudi media firm SRMG has made a $5 million investment in Anghami, the music streaming service that operates in the Middle East and North Africa.
SRMG says that is investment "will bolster Anghami's growth trajectory through its extensive media reach, content library and portfolio of leading assets in audio/podcasts, and enable it to capture a larger share in the fast-growing sector that is forecasted to reach $700mm in 2026".
And why not?
Confirming the investment, Eddy Maroun, CEO of Anghami, says: “This investment from SRMG Ventures marks a significant milestone for Anghami. We have continually evolved to meet our audience’s changing demands and support the region’s rising entertainment and music industry".
"Working together with SRMG", he adds, "a leader and innovator in regional media, Anghami will be able to unlock further opportunities to champion the music ecosystem. This partnership will propel regional artists to greater heights, expand their global reach, and create new touchpoints for our users and artists alike".
Yeah, maybe.