Muslim Pro buy-out is tip of the iceberg for investment in digital Islamic economy

The parent company of the Islamic economy’s most downloaded mobile app went from bootstrapping and organic growth to getting snapped up by heavy-hitting private equity players. There’s promise of more to come as the company is planning to expand into new verticals including halal food, haj-related services, and e-commerce.   

By now you’ve probably heard about the acquisition of Muslim Pro, the most downloaded Islamic app to date. Details of the deal are undisclosed but it is reportedly an eight-digit buy-out of between 85 and 95 percent of Muslim Pro’s parent company Bitsmedia, a Singapore-based business specializing in mobile app development and “early-stage angel investments.” It has also built mobile apps for Universal Music, Singapore Telecom, and Ogilvy, to name a few.

The buy-out of the bootstrapped start-up is likely one of the larger exits to date for an Islam-focused technology company – a possible sign that digital businesses operating in the global Islamic economy are becoming more mature. Alternatively, the deal may also be seen as a prelude to heavy-hitting investors taking a more serious look at the market potential of the digital Islamic economy.