Bitsmedia raises US$20mil Series A led by CMIA Capital Partners, Gobi Partners and Bintang Capital Partners 

• Funds will advance AI capabilities and enrich content offerings
• Investment signals company commitment to innovation and market expansion

Bitsmedia, the creator of Muslim lifestyle app, Muslim Pro, has secured US$20 million (RM93 million)  in its Series A funding round which sees participation from Asia-focused venture capital firm, Gobi Partners, alongside support from existing investors, CMIA Capital Partners and Bintang Capital Partners.

The newly injected funds will be dedicated to advancing Artificial Intelligence  capabilities, enriching content offerings on Bitsmedia’s streaming platform, Qalbox, continuously developing educational features, and improving the Quran experience within Muslim Pro, the startup said in a statement. 

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 countries.”

This sentiment is echoed by Fara Abdullah, CEO of Bitsmedia who said that the company’s vision for Muslim Pro is to evolve into a comprehensive platform that meets the diverse needs of the Muslim community, adding that this marks the beginning of the firm’s 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 (RM7.4 billion) in assets under management sees its investment in Bitmedia as being in line with its 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 have identified a significant market opportunity in underserved digital needs within Muslim communities. Our investment in Bitsmedia underscores our commitment to TaqwaTech.”

Meanwhile, CMIA Capital Partners and Bintang Capital Partners 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, “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. We hope to welcome Bitsmedia into the global B Corp community in the near future.”

Nafees added, “The latest funds infusion, in collaboration with the investors, puts us on the right track to achieving our vision of becoming the ‘Digital Home for All Things Muslim’.”

Headquartered in Singapore, Bitsmedia's flagship product, the Muslim Pro app, claims over 150 million downloads globally.