Pioneer Islamic crowdfunding startup, Ethis Group, raises US$1.64mil from Super Angels
By Digital News Asia September 1, 2021
- Equity funding to accelerate expansion into global markets
- Global ambition and focus on impact attracts new shareholders
Ethis Global Sdn Bhd, which operates regulated Shariah-compliant, ethical and impact focused investment crowdfunding platforms in Indonesia and Malaysia and social finance platform GlobalSadaqah, has announced the successful closure of its US$1.64 (RM6.8 million) pre-Series A fundraising round made into its various group entities by strategic angel investors.
This funding round comes hot on the heels of Ethis’ recent appointment of Amran Mohd as the Chairman of the newly established Ethis Investment Management.
This ‘Super Angel’ round included significant leaders and proven executives from Islamic finance and fund management across various jurisdictions. Notable investors include corporate leader Wan Zulkiflee and Daud Vicary Abdullah (pic), a renowned figure and thought-leader in Islamic finance and banking, both from Malaysia, and Dubai-based Khurram Hilal, CEO of global Islamic banking at a leading international bank.
Chairman of advisors, Ethis Group, Mohd Radzif Mohd Yunus said, “Our global ambition and focus on impact has attracted new shareholders who bring tremendous experience and relationships to our group. This, we believe will propel growth for years to come.”
In 2022, Ethis intends to expand its offerings in Indonesia and Malaysia to include agriculture and Waqf issuers and projects.
The funds will be used to scale up operations in existing markets, acquire licenses and set up in new jurisdictions, and develop new technology as part of the group’s planned milestones leading up to their full Series A round where Ethis targets to raise US$10 million (RM41.6 million) from institutional and strategic corporate investors.
Founded in 2014 as a private investment club in Singapore, Ethis is a Malaysia-headquartered Islamic fintech company focused on sustainable and impactful crowd-investments, financing and donations. It is operating regulated platforms in Malaysia and Indonesia and has also secured regulatory approvals in Dubai and Qatar. It received Malaysia’s first Islamic equity crowdfunding license in May 2019.
Ethis Indonesia has been operating since 2015, matching retail investors from more than 50 countries into impact-investment campaigns, initially focused on property development for social housing and more recently introducing SME supply-chain projects.
Founder of Ethis Group, Umar Munshi (pic) said, “This synergy, we believe, will be the key to our growth and success. Ethis is on track to prove the commercial viability of our high-impact fintech model based on Islamic finance principles.”