Egyptian Web3-focused venture studio Qurious Labs secured funding from Openner

Qurious Labs, an Egyptian Web3 venture studio, has secured money from Openner in an effort to support audacious businesspeople in the MENA area who are creating Web3 businesses that leverage blockchain, virtual currencies, NFTs, and games to explore the Metaverse.

Qurious Labs is able to collaborate with Web3 creatives and technologists that have a very little budget and create high-quality products with them by fusing the incentive structure of a co-founder, the assets of a development firm, and the network of a venture fund.

As a studio, its objective is to assist emerging economies in gaining access to a global talent and funding pool while enabling individuals to profit from and own a piece of the new internet.

“We deeply believe that Web3 will have the biggest impact on society and business since the introduction of the internet,” said studio director Ahmed El Wassimy. “Over half a million developers around the world are building the infrastructure that will shape an always-on, economically equitable future for society leveraging Web3 and we’re excited to embark on this journey to bridge the gap between Web3 and emerging marketing in the Middle East and North Africa.”

Openner, an Egyptian venture capital firm, has now backed the venture studio. Openner expressed confidence that more VCs will recognize the value of the venture studio model and the potential that Web3 has in emerging markets when it comes to utilizing open protocols on the blockchain and token economics.

“Web3 is the golden age for creators and artists,” said Kareem Karam, venture architect at Qurious Labs. “We see the potential of Web3 as a force for good, and we are eager to work with policymakers to define a vision for how to use these powerful new tools to benefit society and ensure they realise their full potential.”

The development of Web3, according to Ash Rofail, general partner at Openner, will alter how we manage, participate in, and coordinate networks.

“We believe that Qurious Labs is well positioned and resourced to unlock that potential and prioritise the development of world-class, decentralised digital infrastructure for communities everywhere,” he said.