News

Anghami To Become The First Arab Tech Company To List On NASDAQ

Published

3 years ago

March 4, 2021

Anghami

Anghami, the first music-streaming platform in the MENA region, will soon also become the first Arab technology company to list on NASDAQ New York via a merger with Vistas Media Acquisition Company Inc., a publicly-traded special purpose acquisition company.

“Today, we have taken a significant step forward in our growth plans in seeking to become the region’s first Arab technology company to list on Nasdaq,” said Anghami co-founder Eddy Maroun. “Being a US-listed public company gives us access to growth capital and a global platform that is the best in the world.”

Anghami, which translates into “my tunes” in Arabic, was founded in 2012 by Maroun and his fellow Lebanese entrepreneur Elie Habib, providing convenient access to Arabic and international music alike. Over the years, the platform has become the leader in the MENA region, offering around 60 million songs to more than 70 million registered users.

anghami listed on nadsaq new york

In early 2021, Anghami moved its headquarters to Abu Dhabi, after a partnership with the Abu Dhabi Investment Office. The merger with Vistas Media Acquisition Company Inc. implies an initial pro-forma valuation of around $220 million. The music-streaming platform will continue to operate under its name and trade under the symbol “ANGH”.

Also Read: Anghami Review: The MENA’s Favorite Music Streaming Service

“This is a landmark transaction for the MENA region and for Vistas,” commented Saurabh Gupta, co-founder of Vistas Media Acquisition Company Inc. “The combination of Anghami and the Vistas team will be a powerful force in the media and entertainment world, and we couldn’t be prouder of the hard work from everyone to get to this stage, but our work has only just begun.”

Anghami founders would like to use the new funding to not only attract additional customers from the MENA region, but they would also like to expand into new markets and compete with services like Spotify and Deezer, both of which are significantly more popular outside the Middle East.

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

2 days 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”.

Also Read: A Guide To Digital Payment Methods In The Middle East

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.