Niyyah app raises $2m to help Muslims journey through the Quran
Summary
An educational app that allows Muslims to learn and understand the Quran has raised $2 million in funding from leading consumer, educational tech, and faith-focused investors.Niyyah, formerly called Guider, said the latest round was co-led by Venrex, the first investors in Just Eat and Revolut, and Cur8 Capital, the fund behind IslamicFinanceGuru.It also welcomed Active Partners, backers behind iconic brands such as Leon and Soho House, and has continued support from its early investors Emerge and Collective Continuum.The group also made its name change public from Guider to Niyyah, which means Intention" in Arabic. "On any given day, the Quran is recited billions of times by hundreds of millions around the world in Arabic," said Shinaz Navas, Co-founder and CEO of Niyyah. "Ultimately, we believe that the Quran has all the wisdom we need to be successful - its time that we finally used it," added Shinaz, who aims to use the funds raised to expand the apps content library and enhance it with AI features.Niyyah has ambitious plans to achieve annual recurring revenue of over \xa3100m in six years.Tom Profumo, Partner at Active Partners, said: "With over two billion Muslims globally and many looking for better ways to understand the religion, the opportunity for Niyyah is truly global. "Shinaz and the team have seen fantastic traction in their first year alone which is a testament to the genuinely differentiated product they are building and their deep understanding of the audience. "Unlike traditional methods that can feel passive, the interactive quizzes have made my learning experience a lot more engaging," he added.