START-UPS focusing on ethics and long-term impacts are on the rise and shifting the investment landscape from those that are only driven by profitability.
This was reflected at the recent Start-up Showcase Demo, hosted by Hasan Venture Capital (Hasan.VC), which brought together 26 start-ups from South-East Asia (SE Asia) and the Middle East.
The event was a testament to the growing shift in venture capital towards resilient, impact-driven businesses that prioritise sustainability over rapid, unsustainable growth.
As venture capital firms face the prolonged “tech winter” — marked by declining valuations, cautious investors and an emphasis on sustainable business models — Hasan.VC remains committed to ethical entrepreneurship.
Its Accelerator programme focused on “camel start-ups”, businesses that are built to withstand economic downturns by prioritising financial prudence and long-term value creation over short-term gains.
Halal Start-up
Hasan.VC principal and head of accelerator Mohd Akhtaar said this event was not just about funding; it was about fostering an ecosystem where start-ups can thrive despite market uncertainties.
“As part of our ongoing commitment to ethical entrepreneurship, we are empowering entrepreneurs to rethink business as a force for good.
“This event highlights the transformative power of mentorship and community support in building resilient, purpose-driven start-ups that contribute meaningfully to society,” he said.
He stressed that the company is building a community of founders who are not just chasing valuations but are dedicated to making a lasting impact.
Umar predicts that the next decade will see a surge in halal-focused businesses
Hasan.VC MD Umar Munshi spoke in depth about the state of venture capital, the firm’s commitment to ethical investment and why he believed halal start-ups are the future of sustainable business.
“We are in an era where capital is no longer being deployed carelessly. Investors are asking tougher questions.
“Start-ups that prioritise fundamentals, strong revenue models and ethical business practices are the ones that will thrive,” he shared with The Malaysian Reserve (TMR).
He acknowledged that the current funding slowdown, often referred to as “tech winter”, has discouraged investors from backing overhyped, high-burn ventures. Instead, businesses demonstrating financial sustainability are attracting attention.
Umar added that the market has changed. He said a few years ago, everyone wanted to fund the next unicorn but now, investors are realising that a start-up’s valuation is meaningless if it cannot generate sustainable revenue.
He also believed that halal start-ups — businesses that are ethically grounded and financially responsible — are uniquely positioned to fill this gap.
“A halal start-up is more than just a business that avoids non-compliant industries. It is about building something that is ethical, impact-driven and sustainable. That is why we back companies that align with these principles,” he said.
Umar predicted that the next decade will see a surge in halal-focused businesses, particularly in financial technology (fintech), artificial intelligence (AI)-driven education and ethical commerce.
He said there is already strong momentum in Malaysia and Indonesia, while investors from the Middle East and even Western markets are now taking halal start-ups seriously because they see the potential for global expansion.
However, Umar was quick to emphasise that growth must be accompanied by responsibility. He pointed to Hasan.VC’s philosophy of “camel start-ups”, which prioritises resilience and sustainability over rapid scaling.
“We do not believe in burning cash to chase growth. Instead, we support founders who are resourceful, who build businesses that can weather economic downturns and who understand that long-term value is more important than short-term hype,” he said.
When asked about the specific areas where halal start-ups are gaining traction, Umar highlighted fintech, ethical e-commerce and digital education as high-growth sectors.
Fintech in particular has been a game-changer for halal finance and more Muslims are looking for ethical investment and banking solutions. At the same time, platforms like Komuto and Osom are proving that digital commerce and AI-powered learning can thrive within Islamic principles.
Umar stressed that investors have a responsibility to ensure that the businesses they fund align with ethical and sustainable values.
In this regard, Hasan.VC is not just investing in businesses but shaping the future of entrepreneurship.
“If investors continue to prioritise short-term gains over long-term impact, the whole ecosystem suffers.
“At Hasan.VC, we take a different approach. We invest in founders who understand their responsibility — not just to their shareholders, but to their employees, customers and society as a whole,” he added.
Umar’s vision for Hasan.VC is to create a new standard for venture capital, which is ethical, sustainable and aligned with Islamic values.
Umar (left) and Ronald Yusuf (right) with winner of best pitch award, Qasir
Challenges of Tech Winter
Also present at the Start-up Showcase Demo was Hasan.VC Indonesia country director Ronald Yusuf Wijaya who provided insights into Indonesia’s start-up ecosystem, the impact of the “tech winter” and why the halal economy presents a unique investment opportunity.
“It is still winter, but after that comes spring. Start-ups that survive this phase will emerge stronger and those are the businesses that will attract serious investors,” Ronald Yusuf shared with TMR.
While many early-stage start-ups have struggled to secure funding, this phase has been a necessary filtering process, allowing only the most resilient businesses to survive.
This, in turn, has forced founders to focus on profitability, not just growth.
“Those who can prove they can operate efficiently, generate revenue and maintain strong financial discipline will be the ones who succeed,” he said.
Indonesia, as the world’s largest Muslim-majority country, presents a huge opportunity for halal start-ups, particularly in sectors such as Islamic fintech, ethical commerce and halal travel.
The demand for halal-certified products and services is growing rapidly where consumers are looking for transparency and trust.
“That is why start-ups that prioritise these values are gaining traction,” Ronald Yusuf said.
He pointed to Mutawwif, a digital platform that simplifies umrah and haj travel planning, as an example of how halal start-ups are solving real-world problems.
Travel is one of the biggest expenses for Muslims, and ensuring that it is done ethically and efficiently is incredibly important.
More than just a business, Ronald Yusuf said Mutawwif is a service that improves people’s lives.
On Indonesia’s role in the global halal economy, Ronald Yusuf believes that the country is well-positioned to become a global leader in halal innovation, particularly as more Islamic economies look for digital solutions to modern challenges.
“SE Asia is the testing ground for many halal start-ups, but the long-term vision is global.
“The Middle East, Africa and even parts of Europe are opening up to halal tech solutions. That is why investors are paying close attention,” he told TMR.
Indonesia’s young, tech-savvy population is also driving the demand for digital halal solutions, making it an attractive market for investors.
Ronald Yusuf shared that there are millions of young entrepreneurs in Indonesia who are hungry to build ethical businesses.
“With the right funding and mentorship, Indonesia can become a powerhouse in the global halal start-up ecosystem,” he said.
Platform for Innovation and Collaboration
The Demo Day featured a series of pitches, networking opportunities and discussions between investors and founders.
Attendees included angel investors, venture capitalists and institutional stakeholders eager to support businesses aligned with Islamic finance principles and sustainability goals.
Unlike conventional venture capital models that focus on fast scaling and quick exits, Hasan.VC prioritises founders who integrate ethical responsibility with commercial viability.
This approach has drawn increasing interest from investors seeking sustainable alternatives to traditional high-growth start-ups.
In reflection, Hasan.VC, a brand under Malaysia-based fintech group Ethis Global Bhd, is committed to revolutionising Malaysia’s halal industry by focusing on technology start-ups and businesses with significant social impact.
Attendees include angel investors, venture capitalists and institutional stakeholders (Pic by Muhd Amin Naharul/TMR)
The Hasan.VC Accelerator is designed to support early-stage halal and ethical start-up founders, offering a comprehensive package that includes pre-seed funding of up to US$60,000 (RM265,200), founder-focused mentorship and access to an investor network of over 500 angel investors.
The Accelerator programme usually runs for seven weeks, providing participants with expert guidance, market access and tailored advisory services.
“Our goal with the Accelerator programme is to continue fostering a founder-centric ecosystem where entrepreneurs can thrive,” said Umar, who is also Ethis Group MD.
He added that Hasan.VC is committed to supporting diverse founders, especially Muslim and female entrepreneurs, who have historically been overlooked in traditional venture capital spaces.
Since its launch, the accelerator has helped numerous start-ups, such as Synbiozymes, Reyhut Automation and GoBarakah, to scale their businesses and attract investors.
The second cohort aimed to build on this success by selecting 10 standout start-ups to receive funding and long-term support, culminating in a Demo Day where participants showcase their progress to investors.
Among the 26 start-ups that participated in the 2025 Hasan.VC Demo Day, several stood out for their exceptional innovation, strong market potential and ethical business models.
Osom is building an education ecosystem where AI acts as a mentor, says Mohammad Arif
Osom: AI-Powered Learning for Future
Osom is an educational technology (EdTech) start-up founded by Mohammad Arif Izuddin, an entrepreneur committed to transforming education through AI.
The platform provides AI-powered virtual tutors and interactive learning modules to help students overcome learning gaps while ensuring accessibility to high-quality education.
Mohammad Arif believed that AI-driven education can revolutionise the learning experience by offering customised, adaptive support to students across different backgrounds.
His goal is to make advanced educational tools available to learners globally, including those in Islamic education institutions.
Osom is seeking US$1 million in funding to enhance its AI-driven educational tools and expand into new markets, particularly among Islamic schools and “madrasahs”.
Osom has attracted 1.7 million users, making it one of the fastest-growing AI-driven learning platforms in Malaysia.
The platform currently has 500,000 active learners engaging with its AI tutors daily.
Osom has been recognised as a top AI-driven EdTech start-up in Malaysia, positioning it for regional and global expansion.
“We are building an education ecosystem where AI acts as a mentor, helping students reach their full potential,” Mohammad Arif said, highlighting the transformative impact of AI in education.
ALT Synergy: Halal Supply Chains
ALT Synergy, founded by Mohamad Nasreeq Mohamad Aris who is based in Malaysia, is a compliance platform that helps businesses streamline halal certification, regulatory compliance and supply chain transparency.
Using blockchain-based traceability, AI-powered audits and automated compliance management, the platform ensures that halal businesses can scale globally while maintaining transparency.
Already adopted by over 50 Malaysian halal exporters, ALT Synergy has successfully integrated with global halal certification bodies, simplifying international trade.
“Many businesses struggle with the complexity of halal certification. ALT Synergy ensures they can scale without sacrificing transparency,” Mohamad Nasreeq said.
The company is seeking US$800,000 in funding to expand its technological capabilities and market reach.
According to Muhammad Andhika, Opsfood’s goal is to make halal food sourcing seamless (Pic by Muhd Amin Naharul/TMR)
Opsfood: Ethical Food Tech
Opsfood, founded by Muhammad Andhika Prasetya from Indonesia, is transforming the halal food supply chain by improving sourcing, verification and distribution.
The platform connects halal food suppliers, restaurants and consumers while using blockchain technology to verify halal authenticity and AI-powered analytics for procurement efficiency.
With over 100 restaurants already onboarded in Indonesia, Opsfood is preparing to expand into Malaysia and the Middle East, where demand for halal food tech solutions is rising.
“Our goal is to make halal food sourcing seamless, trustworthy and scalable,” Muhammad Andhika said.
The start-up is currently seeking US$600,000 to support expansion and enhance its digital marketplace.
Komuto: Ethical E-commerce
Komuto is an Indonesia-based e-commerce platform founded by Anugrah Nurrewa, an entrepreneur dedicated to empowering small businesses and artisans by offering an ethical and transparent digital marketplace.
The platform was created to eliminate exploitative middlemen that often reduce the profit margins of small vendors.
By directly connecting local artisans, independent sellers and small businesses with consumers, Komuto ensures that sellers receive fair prices for their products while providing buyers with authentic, ethically sourced goods.
The platform integrates AI-powered analytics, which allows vendors to manage their inventory more efficiently, adjust their pricing based on real-time market demand and optimise their supply chains for reduced wastage.
Anugrah believed that technology should be a tool for empowerment rather than exploitation.
His mission is to bridge the gap between traditional artisans and the modern digital economy, ensuring that small-scale entrepreneurs in Indonesia and beyond can thrive in an increasingly competitive online marketplace.
Komuto is currently seeking US$500,000 in seed funding to support its expansion into new markets, particularly in Malaysia and Brunei, where demand for halal-certified and ethical e-commerce platforms is growing.
Since its launch, Komuto has facilitated over 100,000 ethical transactions, proving the viability of its fair-trade e-commerce model. The platform has successfully onboarded more than 5,000 merchants across Indonesia, helping small businesses reach a wider customer base. Komuto has announced plans to expand into Malaysia and Brunei, capitalising on the increasing demand for ethically sourced and Shariah-compliant products.
“Our platform ensures that small merchants, who form the backbone of Indonesia’s economy, are not left behind in the digital transformation,” said Anugrah, emphasising his commitment to creating an equitable online marketplace.
Mutawwif: Transforming Umrah and Haj Travel
Mutawwif is an Islamic travel technology start-up founded by Abdul Halim Ali Akbar, a passionate advocate for modernising religious tourism.
The platform aims to simplify the complexities of umrah and haj travel by offering an integrated digital ecosystem that connects pilgrims with reliable, Shariah-compliant services.
Umrah and haj involve extensive planning, including accommodation bookings, religious guidance, transport and itinerary management.
Many first-time pilgrims struggle with these logistics, leading to stress and disorganisation during their spiritual journey. Mutawwif resolves these challenges by offering a one-stop digital solution.
Abdul Halim envisioned a seamless and structured approach to religious tourism. His platform ensures that pilgrims can fully immerse themselves in their spiritual experience without being burdened by logistical concerns.
Mutawwif is looking to raise US$750,000 to scale its services across the region and expand its partnerships with haj and umrah operators in Saudi Arabia and SE Asia.
Since its inception, Mutawwif has registered over 10,000 users, showcasing strong demand for a streamlined pilgrimage planning solution.
The start-up has established collaborations with several haj operators in Saudi Arabia, expanding its service capabilities.
Through automated itinerary planning, Mutawwif has reduced the average booking time by 40%, significantly improving efficiency for travellers.
“Many first-time pilgrims struggle with logistics and religious requirements. Our platform makes the entire journey seamless, ensuring that they can focus on their spiritual experience rather than operational challenges,” said Abdul Halim, describing the core mission of Mutawwif.
Start-up Showcase Demo brings together 26 start-ups from SE Asia and Middle East (Pic by Muhd Amin Naharul/TMR)
Gaining Momentum
Beyond these leading ventures, several other start-ups showcased their solutions, each tackling critical challenges with innovative approaches.
CervivAI is a health technology start-up using AI-powered diagnostics to enhance early cervical cancer detection, especially in underserved communities.
FLY0 leverages drone technology to improve last-mile delivery efficiency in both urban and rural areas.
DashAdd provides Shariah-compliant microfinance for small and medium enterprises (SMEs) and entrepreneurs, promoting financial inclusion without interest-based lending.
Robonito enhances manufacturing and logistics automation through AI-driven robotics, while KendAli focuses on cyber security compliance for highly regulated industries.
Rymba integrates AI-driven smart farming solutions to optimise agricultural yields and Supply Line simplifies procurement and distribution for SMEs.
Hasan.VC’s Start-up Showcase Demo Day demonstrated the increasing relevance of ethical and sustainable businesses in today’s investment landscape.
As investors look for resilient alternatives to traditional venture capital, start-ups prioritising ethics, sustainability and Shariah compliance are gaining momentum.
This is a featured article on
Click here to read the article on TheMalaysianReserve
Stay ahead of the queue by joining our mailing list for latest updates on events and investment opportunities.
