Singapore-based Bitsmedia, the innovator behind the widely popular Muslim lifestyle application, Muslim Pro, has successfully raised US$20 million (approximately RM93 million) in a Series A funding round. This significant financial milestone was achieved with participation from Gobi Partners, a venture capital firm with a keen focus on Asia, alongside continued support from existing backers, CMIA Capital Partners and Bintang Capital Partners.
Expanding Horizons and Technological Frontiers
Investment Aims and Future Plans
The infusion of new capital marks a pivotal moment for Bitsmedia, earmarked for several ambitious projects:
- Advancing Artificial Intelligence (AI): A significant portion of the funds will be directed towards enhancing the AI capabilities within the Muslim Pro app. This technological advancement aims to provide users with personalized and more engaging experiences.
- Enriching Content on Qalbox: Bitsmedia plans to augment its streaming platform, Qalbox, with a diverse array of content offerings. This move is intended to cater to the varied interests and needs of the global Muslim community.
- Educational Features: The company is set on continuously developing and improving educational features within its applications, focusing on enriching the knowledge of its users.
- Enhancing the Quran Experience: A core aspect of the investment will be to improve the Quranic experience for users of Muslim Pro, making it more immersive and interactive.
Nafees Khundker, managing director of Bitsmedia, emphasizes the company’s commitment to serving the global Muslim community and expanding its international presence. “Our goal is to nurture Bitsmedia’s growth while catering to the diverse needs of Muslims worldwide. This investment will help us push the boundaries of innovation and extend our reach into key markets,” Khundker stated.
Echoing this sentiment, Fara Abdullah, CEO of Bitsmedia, highlighted the company’s aspiration for Muslim Pro to become a comprehensive platform that addresses the multifaceted needs of the Muslim community. “This is just the beginning of our journey to enhance the Muslim experience and foster deeper connections in their lives,” Abdullah added.
Strategic Partnerships and Visionary Investments
Gobi Partners’ TaqwaTech Initiative
Gobi Partners, with $1.6 billion in assets under management, views its investment in Bitsmedia as a strategic move aligned with its “TaqwaTech” investment thesis. This approach focuses on supporting growth companies leveraging technology for purpose-driven innovation aimed at the Muslim market. Jamaludin Bujang, managing partner of Gobi (Malaysia), expressed the firm’s mission to provide equal opportunities and address the digital needs within Muslim communities.
Continued Support from CMIA and Bintang Capital Partners
Both CMIA Capital Partners and Bintang Capital Partners have been instrumental in Bitsmedia’s journey since their initial investment in 2017. They have witnessed the evolution of Muslim Pro from a basic community app to a comprehensive platform offering lifestyle, knowledge, and community services.
Lee Chong Min of CMIA Capital Partners sees significant growth potential in the global Muslim community for Bitsmedia. Johan Rozali-Wathooth of Bintang Capital Partners outlined the impact objectives of their investment, which include promoting digital inclusivity, fostering global ties, and creating high-value employment opportunities.
Bitsmedia’s Global Footprint and Future Aspirations
The “Digital Home for All Things Muslim”
With the latest round of funding, Bitsmedia is poised to solidify its position as the “Digital Home for All Things Muslim.” This vision encompasses a broad range of services and features tailored to the needs and interests of Muslims worldwide.
Muslim Pro’s Global Reach
Headquartered in Singapore, Muslim Pro boasts over 150 million downloads globally. This remarkable achievement underscores the app’s popularity and the potential for further growth and expansion.
Table: Funding and Strategic Initiatives
|Part of $20 million
|Advance AI, Expand TaqwaTech
|CMIA Capital Partners
|Enhance Educational Features
|Bintang Capital Partners
|Improve Quran Experience, Foster Global Ties
- Global Vision: Bitsmedia aims to expand its reach into the US, UK, Indonesia, Malaysia, and Gulf Cooperation Council countries.
- Comprehensive Platform: Efforts are underway to evolve Muslim Pro into a platform that meets the diverse needs of the Muslim community.
- TaqwaTech Focus: Gobi Partners’ investment underscores the potential in technology-driven solutions for Muslim consumers and businesses.
- Community and Lifestyle: Beyond religious features, Bitsmedia seeks to foster stronger community ties and enhance the lifestyle of its users through digital inclusivity and educational content.
As Bitsmedia embarks on this new chapter, its focus on innovation, community, and inclusivity promises to elevate the experience of Muslims worldwide, making the digital sphere a more welcoming and enriching place for all.
Featured Image courtesy of DALL-E by ChatGPT