KUALA LUMPUR: Bitsmedia, the creator of lifestyle application Muslim Pro, has secured US$20 million in its Series A funding round.
The funding round saw participation from Asia-focused venture capital firm, Gobi Partners, alongside continued support from 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 its growth and global footprint while serving the needs of global Muslim community remains central to its 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 countries."
Bitsmedia chief executive officer Fara Abdullah said its vision for Muslim Pro is to evolve into a comprehensive platform that meets the diverse needs of the Muslim community.
"This marks the beginning of our commitment to enhance the Muslim experience and drive deeper connections in their lives."
Gobi Partners, an Asia-focused venture capital firm with US$1.6 billion in assets under management (AUM), champions entrepreneurship across emerging markets.
The investment in Bitmedia 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.
Gobi Malaysia managing partner Jamaludin Bujang said its 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, meanwhile, have continued to collaborate with Bitsmedia since their initial investment 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 it sees significant growth opportunities within the two billion-strong global Muslim community for Bitsmedia.
Bintang Capital founder and CEO Johan Rozali-Wathooth said the company has clear impact objectives for its recent investment in Bitsmedia - to champion digital inclusivity for Muslims, foster stronger global ties through educational content about the Muslim world.
