Muslim Startup Founders

Muslim Startup Founders

Author

obsa Bada
August 31, 2024

August 2024 Recap: Highlights from Muslim Startup Founders

Funding and Growth:

  • Bitsmedia, the developer behind the popular lifestyle app Muslim Pro, secured $20 million in Series A funding to enhance its technological capabilities and expand its reach across global markets (Salaam Gateway

  • Lendo, a Saudi Arabia-based Shariah-compliant debt crowdfunding marketplace, raised $28 million to expand into new markets and support its fast-growing customer base (Salaam Gateway

Innovative Launches:

  • Quran Era, an online platform designed to teach the Quran through interactive games for English-speaking Muslim children, continues to grow in popularity. With over 18,000 users and participation from 10 Islamic schools, this startup is successfully blending traditional education with modern digital engagement (Salaam Gateway

  • Zabihah.com, often referred to as the "Uber for halal restaurants," plans to expand its operations across North America. With an already substantial user base, the platform aims to achieve one million app downloads by the end of the year, starting its expansion in the U.S. just before Ramadan (Salaam Gateway

Community Impact:

  • In San Diego, PaliRoots, a Palestinian philanthropic e-commerce company, has significantly impacted social causes by donating over $2.8 million to children in Gaza since 2016. The startup exemplifies the ability of Muslim-founded companies to merge business success with meaningful philanthropic efforts (CBS8

  • The Center for Global Muslim Life in San Diego is preparing to release its third annual list of the top 100 Muslim startups, showcasing the innovation and diversity within the global Muslim entrepreneurial community (CBS8

Expanding Ecosystem:

  • The Salam Fund is actively supporting early-stage Islamic tech startups by providing funding and mentorship. Their portfolio includes successful ventures such as Quran Era and Zabihah.com, highlighting the growing potential and investment interest in Islamic tech ecosystems (Salaam Gateway

Challenges and Opportunities:

  • Despite the successes, Islamic tech startups face challenges in securing investments, as many Muslim investors view these ventures as high-risk. Networks like Falcon Network are working to change this perception by demonstrating the high returns that strategic investments in startups can offer (Salaam Gateway