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Saudi Arabia-based Takadao Raises Funding From Adaverse

Adaverse, a Cardano ecosystem accelerator and seed fund with a focus on scaling Web3 solutions, announces its first strategic investment in Saudi Arabia’s Takadao, marking the companies’ commitment to the pursuit of Vision 2030. Takadao, a revolutionary force in the financial industry, introduces community-owned financial services, challenging traditional financial paradigms with its innovative approach.
Takadao Co-founders (L-R) Sharene Lee and Morrad Irsane

Adaverse, a Cardano ecosystem accelerator and seed fund with a focus on scaling Web3 solutions, announces its first strategic investment in Saudi Arabia’s Takadao, marking the companies’ commitment to the pursuit of Vision 2030. Takadao, a revolutionary force in the financial industry, introduces community-owned financial services, challenging traditional financial paradigms with its innovative approach.

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Excited about Vision 2030 and Saudi Arabia’s openness to innovation and economic diversification, Adaverse has now officially expanded its operations to Riyadh, making it the very first venture capital fund in the Kingdom to specialise in Web3 and blockchain early-stage investing. In 2024, the company plans on investing $10 million in local Web3 startups.

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This investment by Adaverse is not just a financial endeavour but a strategic alliance aimed at scaling Web3 solutions and bolstering economic diversification in Saudi Arabia. The partnership symbolises a harmonious blend of Adaverse’s deep-rooted expertise and expansive market connections with Takadao’s groundbreaking initiatives, primed to catalyse growth and expansion in pivotal markets.

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Vincent Li, Adaverse’s founding partner, is optimistic about the prospects for both Adaverse and Takadao, stating, “Adaverse’s entry into Saudi Arabia with Takadao is more than an investment; it’s our commitment to elevate solutions that solve everyday challenges and empower communities. Takadao, with its groundbreaking and community-centred approach, adeptly meets essential everyday needs, and we’re enthusiastic about backing this fusion of tangible innovation and market opportunity, a project at the heart of highly committed and visionary co-founders Morrad and Sharene. This venture marks a significant milestone for our commitment to development in the Middle East, and we eagerly anticipate Takadao’s growth and continual innovation.”

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Reflecting on this collaboration, Morrad Irsane, Co-Founder of Takadao, said, “Partnering with Adaverse propels us forward in our journey. Their expertise in the web3 space, coupled with their deep-rooted connections in key markets, accelerates our knowledge and community-building efforts.”

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About TAKADAO

Founded in 2021, TAKADAO is a platform for halal insurance powered by the blockchain, creating a new kind of global insurance for the new, global age. For the first time, Muslims from all over the world are able to access value-aligned, transparent insurance at a never-before-possible scale.

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About Adaverse

Founded in 2021 as a collaborative initiative between EMURGO and Everest Ventures Group to support blockchain solutions with funding, mentorship and tech infrastructure. Adaverse is a leading cardano-focused accelerator with a goal to help launch the next leading global enterprises. Since its inception, Adaverse has funded 40+ startups across Africa, Asia and beyond.

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