Malaysian Islamic lifestyle app to raise $1.1m through equity crowdfunding

TheNoor, a Malaysia-based Islamic lifestyle app, aims to raise 5 million ringgit (around US$1.1 million) through equity crowdfunding platform Ethis. If successful, the deal will push the firm’s post-money valuation to around US$10.7 million.

TheNoor team / Photo credit: TheNoor

Launched in January last year, TheNoor provides several features to help the Muslim community with their spiritual commitments. These involve setting up prayer time schedules, providing mosque locations, and tracking zakat payments. The platform also has an Al-Qur’an player.

Currently, the app can be used for free. The company said that it gets revenue from financial services, travel services, in-app advertising, ecommerce transactions of halal products on its platform, and partnerships with other companies.

Since its launch, TheNoor has acquired more than 2.8 million registered users.

The firm was established by Noor Neelofa Mohd Noor, Ahmad Tajuddin Idris, and Mohd Izzairi Yamin – who also founded local logistics firm ZeptoExpress.

In a statement, TheNoor said that it aims to introduce umrah travel packages to Makkah inside the app. It plans to use the fresh funding for research and development, marketing, and hiring purposes.

See also: Has Malaysia’s largest VC lost its luster?

Currency converted from Malaysian ringgit to US dollar: US$1 = 4.48 ringgit.