- Muslimarket closed a series A round of funding at a valuation of around US$10 million, the startup told Dealstreet Asia.
- The investment came from 500 Startups and unnamed individual investors.
- Muslimarket plans to introduce its own Muslim fashion brand, SUQMA.
- Muslimarket was founded in 2015 by Riel Tasmaya, who also runs a boutique investment bank, and Ben Soebiakto, founder of media network Kapanlagi.
The Muslim fashion market is booming, not just in Indonesia. Muslim consumers worldwide are expected to spend US$327 billion on clothing by 2019, according to a 2015 State of the Global Islamic Economy report.
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