Sign in
Homegrown Web3 environmental startup Tharawat Green Exchange (TGE) secured a SAR 1.7 mn (USD 450k) investment from Singapore-based VC and accelerator Adaverse, according to a statement from the fund.
Use of proceeds: TGE plans to apply the raised funds towards obtaining Verra certification, which will validate the startup’s carbon crypto for trade in the global market. The funds will also be channeled towards developing infrastructure and blockchain technology, as well as sales and marketing. The green startup is also eyeing a further SAR 1.5 mn investment to prod along product development, technology infrastructure, and market penetration, the statement reads.
The pitch: Founded in 2023 by Yakeen Alzaki (LinkedIn), Yasser Alobaidan (LinkedIn) and Hassan Al Redha (LinkedIn), TGE uses blockchain technology to promote transparency while matchmaking between carbon offsetters and Saudi-based land projects and tree nurseries. The platform looks to support initiatives to plant 10 bn trees in Saudi by 2040, while also promoting economic growth and environmental goals. It is presently restricted to projects within the Kingdom, but also has plans to tap a USD 1 tn global market that is anticipated to grow at 6% y-o-y.
Adaverse is doubling down on the local startup scene: The VC fund has earmarked USD 10 mn for investments in Saudi up-and-coming Web3 platforms throughout this year, marking its first investment in a Saudi startup in January with support for fintech Takadoe. This was followed by contributions to fintech UmrahCash and loyalty platform aggregator Mithu, with both startups bagging USD 500k in investments from Adaverse.
IN OTHER STARTUP NEWS-
PIF invests in Germany chauffeuring startup: Luxury chauffeuring startup Blacklane raised investments from the Public Investment Fund (PIF) and others as part of its series G funding round, Bloomberg reports, citing a statement it received. No details were provided on the PIF’s investment size or value, but the business information service reports that the round values the startup at more than EUR 500 mn.
Blacklane’s plans for Saudi: The startup reportedly plans to “launch fleets of electric vehicles in several key cities and train female and male chauffeurs,” according to Bloomberg.
