Bitsmedia raises US$20 million in Series A funding for religious app Muslim Pro
Daphne Yow
BITSMEDIA, the Singapore-based developer of the religious app Muslim Pro, has snagged US$20 million in Series A funding, it said on Thursday (Dec 7).
New investor Gobi Partners and existing investor CMIA Capital Partners co-led the funding round, with existing investor Bintang Capital Partners joining in.
The company’s 2022 revenue fell to S$12.1 million from S$14 million a year before, indicated financial filings accessed by data platform Handshakes. It also reported a S$8.1 million loss for 2022, a reversal from a profit of S$1.2 million a year before.
The funds will be used to hire tech talent and build the app’s artificial intelligence (AI) capabilities. Funds will also be allocated to develop Quran-based educational features, and expand the content offered on the app’s streaming platform.
For instance, the company will implement a new AI-based search engine for users to obtain answers to faith-related questions from credible and authoritative sources, said Nafees Khundker, managing director of Bitsmedia.
The funds will also be used to support Bitsmedia’s expansion in its existing markets in Malaysia, Indonesia, US and UK. The company will work with partner agencies to localise its offerings.
“We are also eyeing untapped opportunities in new territories within the Gulf Cooperation Council countries and North Africa, where North Africa alone represents nearly 20 per cent of the global Muslim population,” added Khundker.
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