Najm Capital

Najm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting

K. Al Rashidi · Director

Anghami

NYSE: ANGHGM drift

Music Streaming·AI & Data Platforms·Secondary·Invested 2022·4% stake

Position

Mark0.61x

Gross IRR-16%

Invested$25M

Q3 movement:$-31M·Paid subscriber growth slowed · free-tier retention improving but ARPU below plan

LatestNo recent touchpoints recorded.

Ownership + team

4% stake · No seatCommon equity

NASDAQ:ANGH down from $0.35B entry · current mark $0.21B · 0.61x · Spotify Middle East entry compressed subscriber growth and ad revenue

Ask about Anghami · pulls from SharePoint memos + Snowflake fund DB + firm memory

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Financial profileLatest as of 2026-03-31

Monthly active users70M+Registered; 14M monthly active

Revenue$68MLTM · -8% YoY · ad + subscription

Premium subscribers3.8MDown from 6.1M peak 2022

Mark0.61xNASDAQ:ANGH · $0.35B entry

Three-way benchmark

Revenuemeasured in $M

Actual

Thesis target

VCP plan

Peer median

Performance update

NASDAQ:ANGH trading at $1.42 · implied $210M market cap · down from $350M entry

Revenue $68M LTM · -8% YoY · Spotify MENA pricing pressure on premium subscriptions

Arabic podcast network 350 shows · 28M monthly listens · B2B telco bundling $18M ARR

Management exploring dual listing on ADX to attract MENA institutional buyers