Through the equity crowdfunding site Ethis, TheNoor, a Malaysia-based Islamic lifestyle app, hopes to raise 5 million ringgit (about US $1.1 million). If the acquisition is successful, it will raise the company’s post-money valuation to around $10.7 million USD.
TheNoor, which was introduced in January of last year, offers a number of features to assist the Muslim community in upholding their religious obligations. This entails establishing mosque locations, scheduling prayer times, and monitoring zakat payments. There is also an Al-Qur’an player on the site.
The software is now free to use. According to the business, it derives income via banking services, travel services, in-app advertising, online sales of halal goods conducted through its platform, and alliances with other businesses.
TheNoor has amassed more than 2.8 million registered users since its introduction.
Noor Neelofa Mohd Noor, Ahmad Tajuddin Idris, and Mohd Izzairi Yamin formed the company; they also launched the local logistics company ZeptoExpress.
TheNoor stated in a statement that it intended to include umrah travel packages to Makkah within the app. It intends to utilize the new funds for marketing, hiring, and research and development.