Muslim Pro's parent company Bitsmedia raises $20M for global expansion, enhancing AI capabilities

After more than ten years of operation, Bitsmedia, creators of the Muslim-focused lifestyle app, Muslim Pro, has successfully raised $20M in a series A funding round.

• Funding Source: Previously, the company's primary supporters were internal stakeholders CMIA Capital Partners and Bintang Capital Partners, who became majority shareholders in 2017. These firms also participated in the recent round, which was led jointly by CMIA and new investor, Gobi Partners.

• Founding Story: Bitsmedia, founded in 2009, is a valuable resource for Muslims around the world, providing app features like accurate prayer time tracking, Qibla compass for locating the Kaaba in Mecca, and audio recordings of the Quran in various languages.

• Gobi Partnership: Bitsmedia's new partner, Gobi Partners, is investing as part of its TaqwaTech initiative, which promotes tech growth for companies catering to Muslim consumers globally. Gobi Partners will also be joining Bitsmedia's cap table, indicating its acquired stake in the startup, and will appoint a director to Bitsmedia's board.

• Future Offerings: By 2024, Bitsmedia plans to introduce several new features, including an AI-based search engine set to launch before the holy month of Ramadan. Bitsmedia also plans to expand its Qalbox service, a subscription-based streaming platform launched last year offering Muslim lifestyle content.

• Global Expansion and Hiring Plans: Headquartered in Singapore, they have operational teams in Malaysia, Indonesia, and Bangladesh. Plans to hire in Western Europe, the US, and the Middle East are in the pipeline.

In the past three months, Bitsmedia's earnings have seen a significant rise, and the firm is on the brink of reaching an eight-digit revenue figure. As the company embarks on its growth journey, it aims to strike a balance between substantial revenue generation and profitability.