Adaverse invests in Saudi Arabia’s Takadao

Adaverse invests in Saudi Arabia’s Takadao

Adaverse, a Cardano ecosystem accelerator and seed fund focusing on scaling Web3 solutions, announces its first strategic investment in Saudi Arabia’s Takadao. Takadao is a revolutionary force in the financial industry, introducing community-owned financial services and challenging traditional financial paradigms with its innovative approach.

Adaverse is a leading early-stage investor and builder in the Web3 sphere, boasting 60 investments across 13 nations from around the world. An initiative by EMURGO, the renowned global blockchain technology firm and a founding member of the Cardano blockchain platform, Adaverse is on a mission to build a global community of entrepreneurs solving the world’s challenges with blockchain technology.

Adaverse has now officially expanded its operations to Riyadh, making it the very first venture capital fund in the Kingdom to specialise in Web3 and blockchain early-stage investing. In 2024, the company plans on investing $10 million in local Web3 startups.

In addition to providing capital investment, Adaverse is uniquely proactive in supporting the growth of its portfolio companies. This involves assistance in developing product strategies that leverage Web3 technology, helping startups establish and grow their communities in other markets such as Southeast Asia and Africa, and connecting them with leading Web3 investors from Asia, the US, and other regions for future fundraising opportunities.

Vincent Li, Adaverse 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.”

Founded in May 2022, Takadao’s premier product, Takaturn, is a novel savings and yield generation platform enabling collective savings and liquidity access. The flagship product, Takasure, is a cooperative life insurance DAO (Decentralized Autonomous Organization), a pioneering model where members pool funds for mutual insurance, redistributing profits among members. Takadao distinguishes itself from traditional financial services by leveraging blockchain technology to enhance transparency and reduce costs, offering more secure and efficient community-driven, halal insurance and financial solutions to a diverse global audience, including both Muslim and non-Muslim communities, attracting those interested in the ethical aspect of the platform.

Co-founders Morrad Irsane and Sharene Lee, inspired by personal experiences and a commitment to ethical financing, have crafted a platform that caters to a diverse global audience, providing secure and community-driven financial solutions.

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.”

This investment by Adaverse is not just a financial endeavour but a strategic alliance aimed at scaling Web3 solutions and bolstering economic diversification in Saudi Arabia. The partnership symbolizes a harmonious blend of Adaverse’s deep-rooted expertise and expansive market connections with Takadao’s groundbreaking initiatives, primed to catalyze growth and expansion in pivotal markets.

Takadao’s entry into the Islamic finance market is both timely and strategic, filling a crucial gap. Despite Shariah-compliant insurance serving the fast-growing Muslim demographic, which accounts for 24% of the global population, it currently represents less than 0.5% of the $5 trillion global insurance industry. Overcoming scalability challenges posed by traditional financial infrastructures, With the Islamic finance sector anticipated to grow by 10% annually and reach around $5.1 trillion by 2028, Takadao is ideally positioned to lead in this expanding market, especially in key regions like Saudi Arabia, showcasing its commitment to innovation, ethical practices, and community focus.

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