Mon. Feb 26th, 2024

Bitsmedia

Singapore, 9th December 2023 – Bitsmedia, the creator of the widely popular Muslim lifestyle application (app), Muslim Pro, has successfully secured $20 million USD in its Series A funding round. Gobi Partners, an Asian-focused venture capital firm, joined existing investors – CMIA Capital Partners, and Bintang Capital Partners.

The newly injected funds will be dedicated to advancing Artificial Intelligence (AI) capabilities, enrich content offerings on Bitsmedia’s streaming platform, Qalbox, continuously develop educational features, and improve the Quran experience within Muslim Pro.

Nafees Khundker, Managing Director of Bitsmedia, said, “Nurturing Bitsmedia’s growth and global footprint while serving the needs of our global Muslim community remains central to our vision. This investment is a testament to our commitment to pushing the boundaries of innovation and expanding our reach into key international markets such as the US, UK, Indonesia and Malaysia, as well as new territories within the Gulf Cooperation Council (GCC) countries.”

Gobi Partners investment in Bitsmedia is in line with the firm’s overarching “TaqwaTech” investment thesis, which focuses on identifying and supporting growth companies that use technology for purpose-driven innovation to meet the needs of Muslim consumers, businesses, and communities around the world.

Jamaludin Bujang, Managing Partner of Gobi (Malaysia), said: “At Gobi, our mission is to break barriers, level the playing field, and provide access for all. Over the years, we’ve identified a significant market opportunity in underserved digital needs within Muslim communities.”

CMIA Capital Partners and Bintang Capital Partners have continued to collaborate with Bitsmedia since their initial investment during their seed round in 2017, witnessing its evolution from a community app centered around the Quran, Qibla, prayers times and other utility features to a platform that now incorporates lifestyle, knowledge, and community-focused services.

Lee Chong Min, Managing Partner of CMIA Capital Partners said, “We see significant growth opportunities within the 2 billion-strong global Muslim community for Bitsmedia. Given its initiatives to leverage technology for community benefits, such as Qalbox’s content streaming service and the upcoming integration of AI, we are confident in Bitsmedia’s continued upward trajectory.”

Johan Rozali-Wathooth, Founder and CEO, Bintang Capital Partners said, “Bintang has clear impact objectives for our recent investment in Bitsmedia: to champion digital inclusivity for Muslims, foster stronger global ties through educational content about the Muslim world, and create high-value employment opportunities through the growth of Bitsmedia’s business.”

Bitsmedia, headquartered in Singapore, has established itself as a leading player in the Muslim Pro app market. With over 150 million downloads globally, the company is on track to achieve its goal of becoming the ‘Digital Home for All Things Muslim’.

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