KUALA LUMPUR: Malaysia's Islamic lifestyle super app, TheNoor aims to raise RM5 million via Malaysian impact investment and Islamic equity crowdfunding platform, Ethis.
The faith-based app aims to help more Muslims live a holistic lifestyle through its variety of in-app features and since its launch in January 2021, TheNoor has nearly six million downloads.
At a pre-money valuation of RM42.9 million, investors can take part in the equity crowdfunding campaign for TheNoor with a minimum investment amount of RM500 for 20 shares.
TheNoor co-founder and chief technology officer, Mohd Izzairi Yamin said that the investment will be channelled to capitalise on a fast-growing market, increase research and development push, enhance advertising and promotion efforts as well as grow the team.
"The crowdfunding will help us refine our application so that we continue to create offerings that will nurture and enrich the lifestyles of Muslims around the globe. The halal industry is swiftly becoming a competitive and fast-moving sector globally and we want to tap this through tech. Tech enables more Muslims to achieve their spiritual commitment by transforming how we engage with Islam. We are continuously working on a variety of new features to create added value for our users and will see the rollout of more interactive content, educational offerings for kids, Shariah Counters Projections, an e-wallet and more."
While the app is free, TheNoor employs an easy-to-scale business model and generates revenue through its financial and travel services, partnerships, eCommerce and in-app advertising.
"At Ethis, we are honoured to be able to support TheNoor's crowdfunding campaign as part of their continued growth journey and ambition to impact Muslims around the world. This crowdfunding campaign serves as an opportunity for all to support one of the fastest growing Malaysian Islamic-based tech startups by way of investing in them," said Ethis Malaysia chief executive officer Wan Mohd Dazriq Wan Zulkiflee.
The app's existing partners include Bank Islam, Fipper, Furada, Google Cloud, King Fahd Glorious Quran Printing, PPZ Kuala Lumpur, Tabung Haji Travel, ZeptoExpress and Zurich General Takaful.
Interested investors can partake in TheNoor's equity crowdfunding campaign here https://ethis.co/my/project/thenoor/.