News

Anghami Acquires Spotlight Events To Expand Its Footprint

If everything goes according to plan, the acquisition should help Anghami further increase its growing revenue, which reached $35.5 million in 2021.

Published

2 years ago

July 7, 2022

David Morelo

anghami acquires spotlight events to expand its footprint

UAE-based Anghami, the first music-streaming platform in the MENA region, has recently announced the acquisition of Dubai-based Spotlight Events, a live events and concert company.

The acquisition is supposed to help Anghami expand its footprint in the music and entertainment ecosystem by bridging the gap between online and offline entertainment.

Eddy Maroun

“Our vision is to expand from music streaming to a fully integrated entertainment platform that meets our goal of building our unique category that no other provider can compete with,” explained Eddy Maroun, Co-founder and CEO of Anghami.

Maher Khawkhaji, Founder and CEO of Spotlight, believes that Anghami’s reach, data, and technical capabilities will allow Spotlight Events to bring the best to music fans, artists, and brands.

In addition to promoting upcoming concerts and making it easy for users to purchase tickets through Spotlight Events, Anghami will also take advantage of its live video streaming capabilities to deliver concerts as immersive virtual reality experiences.

If everything goes according to plan, the acquisition should help Anghami further increase its growing revenue, which reached $35.5 million in 2021, with the overall gross margin reaching 25.5 percent.

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“Maher has built a great business on solid economics and has proven that live concerts and events are a scalable and profitable business,” said Maroun.

Earlier this year, Anghami became the first Arab tech company to be listed on NASDAQ New York via a merger with Vistas Media Acquisition Company Inc., a publicly-traded special purpose acquisition company. The music-streaming platform is traded under the symbol “ANGH.”

Just like most other tech companies, Anghami is currently not doing well on the stock market. Right now, shares of Anghami are being traded for around $4.30 a piece, a significant decline from the all-time high of $28.88 back in February.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

18 hours ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

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Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.