Bitsmedia, the developer of the esteemed Islamic lifestyle application Muslim Pro, has successfully secured a $20 million investment in a series A round. The funding was led by Gobi Partners, a new investor, and supported by existing backers CMIA Capital Partners and Bintang Capital Partners. With over a decade of experience in the industry, Bitsmedia has historically relied on internal shareholders, making this external investment a significant milestone for the company.
Established in 2009, Bitsmedia’s Muslim Pro application offers an array of features to Muslims globally, including prayer time tracking and a qibla compass to aid in the direction of Mecca. With users spanning across 190 countries, the application has become an indispensable tool for Muslims worldwide.
The infusion of capital will empower Bitsmedia to pursue expansion opportunities in new markets, particularly in the Middle East and North Africa. Nafees Khundker, Managing Director of Bitsmedia, has expressed the company’s dedication to strengthening its presence in these regions, utilizing the funding to propel growth and improve the application’s accessibility.
Gobi Partners’ investment is part of its TaqwaTech initiative, which seeks to bolster tech-driven companies catering to the needs of Muslim consumers. As a result of this funding, Gobi Partners will now hold a stake in Bitsmedia and appoint a director to the startup’s board, signifying a strategic partnership between the two entities.
In addition to geographical expansion, Bitsmedia harbors ambitious plans for enhancing its application features. The company aims to introduce an AI-powered search engine in 2024, crafted to provide users with precise and authenticated information on various Islamic topics. Khundker emphasized the significance of this upgrade, underscoring the necessity for credible sources in addressing Islamic-related inquiries, as opposed to unverified sources found on other platforms.
Furthermore, Bitsmedia plans to enrich its Quran reading feature and bolster its video-on-demand platform, Qalbox, which debuted last year. The subscription-based service offers an assorted selection of Muslim lifestyle content, including films, animations, documentaries, and Quran recitations.
With the patronage of Gobi Partners and the support of existing investors, Bitsmedia is well-equipped to pursue its expansion plans and stimulate innovation in the Islamic lifestyle application sphere. As the company embarks on this new chapter, it is primed to make a significant impact in meeting the diverse and dynamic needs of Muslim communities worldwide.
+ There are no comments
Add yours