Brief: Muslim fashion marketplace raises funds from 500 Startups, others, at $10m valuation

Ben Soebiakto, one of Muslimarket’s co-founders, is also co-founder of Kapanlagi.

• Muslimarket closed a series A round of funding at a valuation of around US$10 million, the startup told Dealstreet Asia.
• The investment came from 500 Startups and unnamed individual investors.
• Muslimarket plans to introduce its own Muslim fashion brand, SUQMA.
• Muslimarket was founded in 2015 by Riel Tasmaya, who also runs a boutique investment bank, and Ben Soebiakto, founder of media network Kapanlagi.

The Muslim fashion market is booming, not just in Indonesia. Muslim consumers worldwide are expected to spend US$327 billion on clothing by 2019, according to a 2015 State of the Global Islamic Economy report.

Sources: Dealstreet Asia, Al Jazeera

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