Amid economic crisis new angel network aims for $100 mln in commitments for halal start-ups by year-end
The launch of Halal Angels Network by Pune-based Indian-American Dr. Tausif Malik in May received widespread media coverage for its claim to already receive several requests from 600 investors and start-ups from across the MENA region as it looks to raise $100 million worth of investments by the end of this year.
Speaking to Salaam Gateway over the phone, Dr. Malik, founder of the network, said it has already signed up around 15-20 angel investors from Europe, the U.S., the Middle East, Southeast Asia and India with $10 million worth of commitments within less than two months of its launch. “We target to reach around 100 angels by the first week of September and 250 angels with $100 million worth of commitments by end of this year,” he said, adding the network will close the membership once it reaches 500 angels.
The network aims to “promote innovation, entrepreneurship and start-ups” globally to tap halal consumer markets, which Dr. Malik says is worth $5 trillion.
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