“It’s exciting to see what started as an emerging arena with hefty potential for both impact and profit now bearing fruit and multiplying possibilities for people around the world.”
“It’s exciting to see what started as an emerging arena with hefty potential for both impact and profit now bearing fruit and multiplying possibilities for people around the world.”
For Mustafa Dustin Craun, from The Center for Global Muslim Life, the global landscape of Muslim tech start-ups today is practically unrecognizable from the one he first documented in 2015 in the viral “50 Most Innovative Global Muslim Startups” list.
Among the most striking changes are that nearly half of the companies on the new 2022 list are based in the United States (Southeast Asia dominated previously) and the rapid increase in the number of investors backing the initiatives.
“The investment in the Muslim start-up sector has doubled in the last seven years,” Craun says, who is based in San Diego, CA. “During this round, we identified 220 companies who raised more than $400 million from more than 200 venture capital funds over the past five years … It’s exciting to see what started as an emerging arena with hefty potential for both impact and profit now bearing fruit and multiplying possibilities for people around the world.”
The announcement will be made ahead of the Center for Global Muslim Life’s annual Global Muslim Impact Forum, which will take place virtually from January 26-28, and will feature multiple founders of startups from around the world on the 2022 list.
This year’s list of 100 companies reflects the rapid growth of the Muslim startup ecosystem, with more than $212 million in investments raised from some of the top venture capital firms and mainstream investors from throughout the US, Africa, the Middle East, Europe, Southeast Asia, and China.
Interestingly, the top five sectors in by US-based companies represented on the list are:
- Social Impact
- Halal Food
- Media
- Islamic Education
- Fashion
This is a big difference from the global picture we get from the Top 100 Global Startups List, which is comprised of:
- Finance technology (27%)
- Social impact (20%)
- Spiritual impact (13%)
- Media (12%)
- Islamic education (12%)
US-based projects make up half of start-ups on the 2022 Global Muslim Starts Ups to Watch list, including:
- USHub → Los Angeles-based streaming platform producing film and television content focused on Muslims
- Feed the People → Seattle-based nonprofit founded by African American Muslims feeding the highest quality food to communities most in need
- Muhsen → Naperville, IL-based organization serving Muslims with physical disabilities and special needs
- Rabata → Minneapolis-based women’s spiritual education, empowerment and community care group
- True & Living Media → Atlanta-based media production company founded by Grammy-nominated artist Amir Sulaiman
- Fair in Banking → Houston-based “neobank” with sharia (Islamic law) compliant digital banking and investment services
A total of 220 global companies have been featured in the Global Muslim Startups reports in 2015, 2016, and 2017. They have raised over $200 million, with many companies growing into global brands such as LaunchGood, Modanisa, Port of Mokha, and Wahed Invest.
From 2015 to today:
- Almost all of the 37 non-profit organizations (NGOs) featured in 2015-2017 are still in existence and have raised tens of millions of dollars.
- At least 41 of these companies raised more than $193 million in venture capital and philanthropic investments. More than half are based in the US.
- At least 6 of the companies featured were accepted into top tech and nonprofit accelerator programs like Y Combinator and New Media Ventures.
- At least 5 merger and acquisitions deals have taken place since 2015.
The Center for Global Muslim Life is a California-based nonprofit focused on creating long-term narrative change through media production, research, and training focused on social and spiritual impact work in the world’s largest and most diverse faith community. Visit https://www.globalmuslimlife.com for more information.
