Ethis Group is continuing on its success streak following the launch of EthisX as part of its global expansion plan through a collaboration with pan-Asian venture capital firm Gobi Partners to structure and set up a US$20 million Shariah-compliant seed fund.
This collaboration combines the venture guiding acumen of Gobi Partners which currently has US$1.5 billion of assets under management across North Asia, South Asia and ASEAN, with Ethis Group’s growing group of fintech investment and crowdfunding platforms in Indonesia, Malaysia and most recently Oman.
The Fund, which is notable for being Ethis Group’s first move into the venture fund space as well as Gobi Partners’ first-ever fully Shariah-compliant fund, will benefit from the network of start-ups and scale-ups accessible by Gobi Partners, a prominent name in Asia, and Ethis with its deep relationships in the Halal economy and impact-investment space.
Mohamed Shehzad Bin Mohamed Islam, Chief Executive Officer of Ethis Investment Platform LLC (EIP) commented that the establishment of this joint fund will allow the company to channel investments into tech startups driving change and making an impact as venture capital is in high demand and suitable for ethical investment.
Furthermore, the fund’s focus on the broader ethical investment agenda resonates well with the post-pandemic emphasis on Environmental, Social, Governance and sustainable investments that also stretch beyond the Muslim community.
Gobi cofounder, Thomas Tsao highlighted that Muslim consumers represent a US$2.2 trillion market opportunity, and the Muslim community is anticipated to make up more than 31% of the world’s population by 2060, however, the Muslim community’s digital needs are largely unmet or underserved.
“We are excited to partner with Ethis Group in creating this new Shariah-compliant Fund, which is very much in line with our existing TaqwaTech focus. Through this partnership with Ethis and the creation of this dedicated Fund, we will now be able to fund, nurture and support even more Muslim entrepreneurs.”
Once launched, the joint Fund will invest in Shariah-compliant startups globally with an initial geographic focus in the MENA as well as the ASEAN regions.