Saudi Arabia-based fintech Takadao raised undisclosed investment from Adaverse
With an emphasis on scaling Web3 solutions, Adaverse, a Cardano ecosystem accelerator and seed fund, has announced its first strategic investment in Takadao, a Saudi Arabian company, signifying the companies’ shared commitment to pursuing Vision 2030. Community-owned financial services are introduced by Takadao, a revolutionary force in the financial industry who challenges conventional financial paradigms with its creative approach.
As one of the top early-stage investors and developers in the Web3 space, Adaverse has made 60 investments in 13 different countries. The goal of Adaverse, a project of EMURGO, a well-known international blockchain technology company and a founding partner of the Cardano blockchain platform, is to create a global network of entrepreneurs using blockchain technology to address global issues.
Adaverse, which is enthusiastic about Vision 2030 and the Kingdom’s willingness to embrace innovation and economic diversification, has now formally expanded to Riyadh, becoming the first venture capital fund in the Kingdom to focus exclusively on Web3 and blockchain early-stage investments. The company intends to invest $10 million in regional Web3 startups in 2024.
Adaverse is exceptionally proactive in promoting the expansion of the businesses in its portfolio in addition to offering capital investments. As part of this, startups will receive support in creating product strategies that make use of Web3 technology, as well as help in expanding their communities into new markets like Southeast Asia and Africa and establishing connections with prominent Web3 investors in the US, Asia, and other regions for potential future funding.
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.”
Despite difficult market conditions, Takadao, which was founded in May 2022, has been a shining example of innovation in the decentralized finance sector. Takaturn, the company’s flagship product, is a cutting-edge platform for yield generation and savings that facilitates access to liquidity and collective savings. Takasure, the company’s flagship product, is a cooperative life insurance DAO (Decentralised Autonomous Organisation), a ground-breaking concept in which participants pool money for mutual insurance and divide profits among themselves. Takadao sets itself apart from traditional financial services by using blockchain technology to lower costs and increase transparency. It also attracts people who are interested in the platform’s ethical component and provides more secure and effective community-driven halal insurance and financial solutions to a wide range of global audiences, including both Muslim and non-Muslim communities.
Inspired by their own experiences and a dedication to ethical financing, co-founders Morrad Irsane and Sharene Lee have created a platform that offers safe and community-driven financial solutions to a wide range of users worldwide.
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.”
