The top Web3 and blockchain fund in Saudi Arabia, Adaverse, has announced a strategic investment in TGE (Tharawat Green Exchange), a forward-thinking startup that uses Web3 technology to bolster environmental sustainability projects in accordance with Saudi Vision 2030.
In Saudi Arabia, TGE is a leader in carbon offsetting, using a blockchain-enabled platform to link carbon offsetters with nearby nurseries and land projects. This creative approach fosters both environmental health and economic growth, supporting Saudi Arabia’s objective of planting 10 billion trees by 2040. TGE focuses exclusively on Saudi-based projects to develop the local environmental ecosystem, in contrast to international providers who invest in projects overseas. In order to meet their carbon targets, offsetters finance the planting, nurseries provide the trees, and projects needing trees are the three main parties involved in the business model.
The SAR 1.69 million investment will mostly go toward sales and marketing initiatives, blockchain and infrastructure development, and securing Vera certification for TGE’s carbon credits. TGE’s carbon cryptocurrency will be acknowledged and appreciated in the international market thanks to this certification.
Vincent Li, Founding Partner of Adaverse, commented, “Our investment in TGE aligns perfectly with our mission to foster innovative Web3 solutions that address real-world challenges. TGE’s approach to combining blockchain technology with environmental sustainability has the potential to transform how we approach carbon offsetting and tree planting initiatives in the region.”
Yakeen Al Zaki, CEO and co-founder of TGE, stated, “With Adaverse’s support, we are poised to make a significant impact on Saudi Arabia’s sustainability goals. Our platform simplifies the process of contributing to environmental initiatives, making it accessible for anyone to participate in building a greener future.”
With plans to go global, TGE is aiming for a market worth over $500 billion, with a projected yearly growth rate of 6% to reach $1 trillion.
In the future, TGE wants to raise an extra 1.5 million SAR to support market penetration, technology infrastructure, and product development.
