Brain Health Service Via MD Closes $2.2 Million Islamic Financing Round

The funds were raised under a musharakah agreement based on Shariah rules. Musharaka involves sharing profits or losses among investors in proportion to the size of their contribution to the company. As a result of the round, the company’s valuation reached $14.6 million and investors’ participation was 6%.

Temirsultanov’s investments will be used for “the development of a unique product for comprehensive work on cognitive abilities and psycho-emotional state, preventive fight against brain aging and increasing the efficiency of all categories of users,” according to the release.

“Brain aging today begins at age 27. <...> “Via MD strives to meet all the needs of the user by working with their psycho-emotional state and increasing personal productivity by developing and restoring cognitive abilities by 30% and reducing the effects of stress 14% faster than existing products,” said the director of Via MD. , pharmaceutical chemist Magomed-Amin Idilov.

He said the service will enter the Middle East and North Africa market in 2025 and will double the number of users by the end of 2024. As of November 2023, Via MD, according to the company, is used monthly by more than 5.5 thousand people , the service cooperates with private clinics and medical education institutions;

According to Sberbank, from May last year to October 2024, the market volume of retail Islamic banking products provided by the credit institution increased sevenfold. The number of partnership financing transactions (musharaka) in Sberbank, according to the bank’s senior vice president Oleg Ganeev, exceeds 20 thousand and increases weekly.