Saudi Arabia-based fintech Takadao has successfully raised an undisclosed investment from Adaverse, a key player in the Cardano ecosystem accelerator and seed fund. This expansion makes it the first venture capital fund in Saudi Arabia specializing in Web3 and blockchain early-stage investing. One of the objectives of the funds is to support the upcoming product launch by the Saudi firm later this year.
Adaverse is a Cardano-focused accelerator that aims to help launch the next leading global enterprises. It is a collaborative initiative between EMURGO and Everest Ventures Group, which supports blockchain projects and startups in the Cardano ecosystem. Adaverse has funded over 40 projects since its inception. The company is based in Singapore and has a presence on LinkedIn.
Cardano is a decentralized proof of stake (PoS) blockchain platform founded in 2015 by Charles Hoskinson, co-founder of Ethereum. It aims to be a more efficient and sustainable alternative to proof of work (PoW) networks. Cardano’s goal is to provide a flexible and scalable platform for running smart contracts and DApps. It uses a unique consensus mechanism called Ouroboros and its native cryptocurrency is ADA, used for staking, transaction fees, and rewards.
Takadao, founded in 2022 by Sharene Lee and Morrad Irsane, is a blockchain-powered platform offering halal insurance on a global scale. As a community-owned decentralized autonomous organization (DAO), it prioritizes transparency, security, and adherence to Islamic principles. Key features include blockchain-native technology, Shariah compliance, community ownership on Ethereum, and global accessibility for Muslims worldwide.
Notably, in October 2023, Takadao secured a pre-Seed round of $1.6 million, led by Silicon Valley-based investor Tim Draper, along with contributions from BIM, Core Vision Ventures, and Prince Sultan bin Fahad bin Salman Al Saud.
Adaverse, having invested in 60 startups across 13 countries, aims to allocate $10 million to support local Web3 startups in 2024. In addition to providing funding, the company actively assists portfolio companies in developing product strategies using Web3 technology. This involves helping startups build communities in different markets and connecting them with prominent Web3 investors for future fundraising.
Vincent Li, the founder of Adaverse, is optimistic about the collaboration, saying, “Our 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.”
Morrad Irsane, Co-Founder of Takadao, emphasized the importance of collaboration, stating, “Partnering with Adaverse propels us forward in our journey. Their expertise in the web3 space, along with their deep connections in key markets, accelerates our knowledge and community-building efforts.”
