With involvement from Polygon and other investors, Animoca Brands led a seed round of fundraising for Nuqtah, an NFT marketplace with headquarters in Saudi Arabia.
The additional money, according to a statement from Nuqtah, will be used to grow the company over the next 12 months with a focus on product development, marketing, and hiring new employees.
Nuqtah is the first NFT marketplace in Saudi Arabia to get a government license; it was established in 2021 by CEO Salwa Radwi.
The Middle East is not Animoca’s first expedition. It previously established a strategic alliance with the Saudi Arabia-based Manga Studios animation company.
“We will continue to expand our operational presence and collaborate with local strategic partners looking to adopt Web3,” said Yat Siu, Animoca’s executive chair and co-founder.
After the repercussions from FTX, Siu has recently said that the company is aiming to raise US $1 billion for a new fund concentrating on Web3 and metaverse initiatives.
