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Shorooq Partners invests in Oman-based carbon mineralization startup: Omani carbon mineralization firm 44.01 raised USD 37 mn (AED 135.9 mn) in a series A funding round led by Equinor Ventures and Abu Dhabi-based venture capital firm Shorooq Partners, according to a press release. The investment marks Shorooq’s first lead investment in climate tech.
Where the money is going: 44.01 will use the funds to refine its technology, develop commercial-scale projects, and expand its global footprint.
What they said: “44.01’s mineralisation technology … offers a safe, permanent, and scalable solution to CO2 elimination. This investment aligns with our vision of fostering groundbreaking technologies that address critical global challenges and move towards a more sustainable and safer future,” said Shorooq founding partner Mahmoud Adi.
The round also saw participation from Air Liquide Venture Capital, Alumni Ventures, Amazon’s Climate Pledge Fund, Climate Investment, Innovation Development Oman, Planet A Ventures, Salica Oryx Fund, Siemens Financial Services, Sumitomo Corporation, and existing investors, including Breakthrough Energy Ventures.
About 44.01: 44.01’s technology accelerates the natural CO2 mineralization process, turning CO2 into rock permanently in less than one year to contribute to decarbonization and sustainable atmospheric CO2 levels. The Omani start-up already has presence in the UAE, after Adnoc invested USD 15 bn in partnership with the Fujairah Natural Resources Corporation, renewables developer Masdar, and 44.01 to pilot technology to permanently mineralize CO2 in rock formations in Fujairah last year.
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Local virtual token marketplace Tokinvest has raised USD 500k in pre-seed funding from several investors, including BSO Networks CEO Michael Ourabah (LinkedIn), according to a press release. The marketplace plans to use the funds to expand its team, develop the platform’s infrastructure, and accelerate its market reach.
About Tokinvest: Headquartered in Dubai, Tokinvest streamlines investment in virtual tokens by offering tokens which represent rights to real assets. The platform’s services range from initial investment planning to trading and asset management. The platform recently received initial approval for licensing from Dubai’s Virtual Assets Regulatory Authority.
