PETALING JAYA: Private equity firm Bintang Capital Partners Bhd today announced the completion of its investment in a Muslim-centric streaming service.
The investment, made through its portfolio Bitsmedia Holdings Ltd, is in support of Qalbox, which is a global entertainment service provider that celebrates the diversity of the Muslim identity and culture globally, the company said in a statement.
The investment was made via Bintang’s maiden fund, the BCP Asia Fund, an equity growth fund anchored by Dana Penjana Nasional, the company added. There was no information on the size or value of the investment.
BCP Asia also led the investment jointly with CMIA Capital Partners as part of a growth capital fundraising round by Bitsmedia. The newly injected capital will support the recent launch of Qalbox.
Bitsmedia is a technology company that developed and published Muslim Pro, a lifestyle application that serves Muslims across 190 markets.
Muslim Pro provides accurate prayer times based on the user’s location, more than 40 translations of the Quran with audio recitations, an animated Qibla compass and other features.
Bintang said its investment in Bitsmedia is in recognition of the fast-growing Muslim youth population. It also sees it as an opportunity to close the gap within Muslim-themed entertainment through the launch of Qalbox.
Its founder, Johan Rozali-Wathooth, said Qalbox would provide Muslims with high-quality, wholesome content through a multi-channel platform.
He said the investment would also provide Bintang with an opportunity to showcase the diversity and variety of the Muslim culture to a global audience.
Bitsmedia co-CEOs Fara Abdullah and Nik Emir Din said the launch of Qalbox was an important milestone in the company’s journey and mission towards becoming the digital home for all things Muslim.
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