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Early-stage investor Adaverse has made its first investment in Saudi. The firm said it has invested in fintech startup Takadoe, but didn’t say how much it has committed. Adaverse plans to invest up to USD 10 mn in Saudi Web3 startups this year, according to a joint statement.
About the companies: Adaverse is a venture fund and cardano accelerator that aims to scale Web3 solutions within the blockchain sphere. Its operations span 60 investments across 13 countries globally. Takadoe is a local fintech company that aims to provide shariah-compliant ins. alternative through blockchain.
Card-what? Cardano is a digital platform similar to ethereum. It’s designed for building and running smart contracts and other applications with enhanced security and efficiency. Among its claims to fame is that it requires less energy to operate than competing platforms.
What does Takado do? The company is developing a Web3-powered cooperative life ins. product that it says will see subscribers collect funds for mutual ins. and share out profits. Takadao raised in October a USD 1.6 mn pre-seed round that was led by Silicon Valley-based investor Tim Draper with contributions from BIM, Core Vision Ventures, and Prince Sultan bin Fahad bin Salman Al Saud.
IN OTHER STARTUP NEWS-
CoorB launches operations in Kingdom: Fintech and IT company CoorB will kickstart operations in the Kingdom, UAE and Egypt, it said in a company statement. “We seek to overcome the limitations of legacy systems and leverage modern technologies such as artificial intelligence and machine learning to provide clients with solutions and services that compete with the world’s leading technology providers,” CoorB CEO Ahmed Gaber said.
