Saudi based Blockchain Fintech startup Takadao has received strategic investment from Cardano accelerator Adaverse. Adaverse focuses on scaling Web3 solutions. This comes at the heels of Adaverse’s expansion into Saudi Arabia with the opening of an office in Riyadh. Adaverse is now the first venture capital fund in the KSA to specialize in Web3 and blockchain early-stage investing. In 2024, the company plans on investing $10 million in local Saudi Web3 startups.

Takadao, a revolutionary force in the financial industry, introduces community-owned financial services, 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.

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-centered 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 has been innovating in the decentralized finance space, even amid challenging market conditions. Its 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.

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.”

Shariah-compliant financial services are rapidly emerging as a significant force in the global financial landscape, far surpassing the confines of a niche market. Currently, these services, encompassing banking, capital markets, money markets, and Takaful (Islamic insurance), are estimated to be valued at around US$2 trillion.

So far, Takadao has built a community of over 17,000 members around their savings product Takaturn (launched in October 2024). With a patent pending on their actuarial and risk management algorithm, Takadao is set to revolutionize Shariah-compliant financial services with the launch of Takasure in June 2024. At this juncture, Adaverse joins Takadao, bringing expertise in the web3 space to support Takadao’s next growth phase towards the successful launch of Takasure and also amplify Takadao’s impact in key markets.

In October Takadao raised $1.6 million in pre seed round led by Draper Associates. Other investors include BIM, Core Vision ventures, Prince Sultan Bin Fahad bin Salman Al Saud.

Egyptian founded and UAE based Pravica, a blockchain company offering decentralized private messaging and community group solutions, has secured a funding investment from Adaverse Cardano Ecosystem Accelerator and venture capitalist. Adaverse aggregates entrepreneurs, strategists and mentors building its most robust foundation in Africa and Asia.

The investment will be used to support the company’s growth and development, including its efforts to expand its chain-agnostic web3 messaging platform that enables users from different blockchains to communicate in a truly end-to-end encrypted (E2EE), open source and decentralized environment.

“Pravica empowers users to take control of their own encryption keys and protect their privacy on the new user-owned Internet” said Mohamed Abdou, CEO of Pravica. “This investment from Adaverse will help us bring our unique approach to secure communication to a wider audience.”

In September 2022, Pravica launched the first DcFi ( Decentralized Communications and Finance platform) under the name Pravica Club. 

Adaverse, a leading investor in blockchain technology, sees the potential for Pravica’s chain-agnostic platform in the market. 

Adaverse is a collaborative initiative between EMURGO and Everest Ventures Group to support blockchain founders with funds, mentorship, and tech infrastructure to scale Web3 Solutions. 

Shogo Ishida, Co-CEO for the Middle East & Africa at EMURGO Africa, commented “Adaverse and EMURGO are excited to support Pravica’s vision of a decentralized, secure communications system built on the blockchain. Both in Africa and across the world, recent market events have highlighted the importance of security and confidentiality in the Web3 space. Pravica provides one of the first tangible solutions to this issue, and Adaverse is glad to be joining their journey with strategic mentorship and tools for growth on the Cardano blockchain.”

The funding from Adaverse will enable Pravica to continue to develop and expand its chain-agnostic messaging platform, enabling secure communication for users across different blockchains.

Prior to the investment from both EMURGO Africa and Adaverse Pravica had received investment from 500 Startups fund. 

In addition Pravica had made some impressive new hiring announcements. Bedie Moran has joined as the Chief Operating Officer of Pravica. Bedie brings a wealth of experience in Fintech working as a management consultant for KPMG Consulting and as head of the strategy team for E-trade Financial. More recently Bedie has focused his attention on supporting digital startups in Africa and the Middle East.

Pravica also announced the appointment of Alejandro Criado-Pérez as their new Chief Technology Officer. Alejandro Criado-Pérez brings a wealth of experience and expertise in the field of blockchain, having previously worked as Tech lead at Stacks Foundation.

One of the key projects that Alejandro will be working on is Pravica Club.