Ethis Global, the operator of Shariah compliant crowdfunding platforms, has secured RM6.8 million (US$1.62 million) in pre-Series A funding, which it will use to diversify its offerings and expand its geographical footprint.
The fresh round of funding follows in the heels of Ethis appointing a new chairman, Amran Mohd, for Ethis Investment Management which was formed in May. The equity investment round was participated by mostly angel investors including the likes of Wan Zukiflee, a Malaysian businessman who is currently serving as the chairman of Malaysia Airlines, as well as seasoned Islamic finance professionals.
Founded in 2014 as a private investment club in Singapore, the Ethis brand is now headquartered in Malaysia. The Islamic fintech company is currently operating regulated crowdfunding platforms in Malaysia and Indonesia. It has also obtained approvals from the regulators of Dubai and Qatar.
Primarily focusing on donation-based campaigns (via GlobalSadaqah), Halal projects, real estate crowdfunding and recently SME supply chain projects, the group plans to expand its portfolio in Indonesia and Malaysia to include agriculture and Waqf issuers and projects next year.
With the latest series of funding, the group intends to scale up its existing operations, acquire licenses and set up in new markets as well as develop new technology. These are part of its growth strategy designed to place it in a position to secure Series A funding of US$10 million from institutional investors.