UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

UAE Enjinstarter launches AYA Web3 Launchpad to tackle climate challenges

UAE Enjinstarter launched in 2021 as a Launchpad, incubator, crowd funding, and advisory platform for Web3 metaverse, gaming, entertainment and impact and sustainable projects has announced the launch of AYA, ( means miracle in Arabic) dedicated to empowering innovators to tackle climate challenges.

“MENA is at the forefront of climate change, with temperatures expected to rise by 2.5 degrees by 2050. The UAE is emerging as a global leader in sustainability and Web3, attracting builders, investors, and climate warriors,” says Prakash Somosundram, our CEO.

With a focus on areas like reforestation, mangrove conservation, and sustainable agriculture, AYA aims to bridge the climate financing gap, offering a platform for high-impact startups to access innovative technologies, raise funds, and leverage tokenized carbon credits.

At the beginning of 2023, Enjinstarter appointed Vasseh Ahmed as the new Managing Director to lead the Web3 efforts in the MENA region. Vasseh spoke with LaraontheBlock discussing Enjinstarter’s plans to help companies reach their Web3 ambitions while positioning Enjinstarter as the go to provider for impact and sustainability projects.

In the interview Ahmed states, “Web3 has a major role to play in addressing the climate crisis. Carbon credits, in particular, can benefit from Web3’s underlying technology to increase transparency and accessibility. We want to support projects that are looking for ways to shift incentives away from exploitation and toward preservation and regeneration.”

In May 2023 EnjinStarter MENA, a web3 Launchpad and incubator, became the first Launchpad globally to receive initial approval by Dubai’s virtual asset regulatory authority.

UAE based Solarix Ventures is seeking to invest in Web3 technology entities and will be participatiog at the Abu Dhabi Family office Summit on the 23rd of November 2023.

UAE based Web3 EnjinStarter becomes launchpad partner for Blockchain Boba network

UAE based Web3 EnjinStarter becomes launchpad partner for Blockchain Boba network

UAE based Web3 Launchpad and consultancy firm has become the Launchpad partner for Boba network to bolster the gaming industry. Together both entities will leverage the strengths and expertise of both organizations. EnjinStarter’ s renowned reputation for providing robust Launchpad services combined with Boba Network’s cutting-edge blockchain technology promises to usher in a new era of innovation and growth.

Announced during 6th Scale event in UAE, EnjinStarter and Boba network shed light on the transformative potential of decentralized gaming. The panelists shared their insights and perspectives on how blockchain technology can drive sustainability, interoperability, and immersive experiences within the metaverse.

Both entities also announced the launch of a new Blockchain gaming project.

EnjinStarter has already supported 70 projects since inception raising a total of $10 million. Since then they have expanded into the MENA region because of its good regulatory environment and innovative infrastructure. EnjinStarter has already received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) and are now in the process of obtaining a full license to operate.

UAE based Enjinstarter is supporting the Next Sustainable and climate friendly Metaverse Experience

UAE based Enjinstarter is supporting the Next Sustainable and climate friendly Metaverse Experience

The engine that will ignite a sustainable future starts with Web3, its associated technologies, and UAE based Enjinstarter. Enjinstarter, launched in 2021 is a Launchpad, incubator, crowd funding, and advisory platform for Web3 metaverse, gaming, entertainment and impact and sustainable projects.

At the beginning of 2023, Enjinstarter appointed Vasseh Ahmed as the new Managing Director to lead the Web3 efforts in the MENA region. Vasseh spoke with LaraontheBlock to discuss Enjinstarter’s plans to help companies reach their Web3 ambitions while positioning Enjinstarter as the go to provider for impact and sustainability projects.

Ahmed, speaking with Lara on the Block, stated, “Before I joined Enjinstarter I was working in the UAE for four years on a digital bank project. I had been in the blockchain and crypto space for over 6 years, so when I met Prakash Somosundram, [Enjinstarter’s] CEO and Co-Founder, and we discussed the launch of an impact and sustainability track, I was all in.”

Enjinstarter in MENA

According to Ahmed, “We have supported 70 projects since inception, helping them raise a total of $10 million. Since the middle of 2022 we have focused on investing in founders who can demonstrate clear utility in their projects. This has worked really well so far, and we continue to onboard more projects each month.”

As for the MENA region, Ahmed believes that UAE has its allure not just because of the investments and capital being deployed in Web3, but also because of its very good regulatory environment and its strategy to build an innovative infrastructure. He explains, “The UAE has become a hotbed for Web3 projects. We are seeing an increasing number of start-ups and companies moving to the region. Enjinstarter is one of them, and we are the first Launchpad globally to apply for the appropriate license in Dubai. We have already received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA) and are now in the process of obtaining a full license to operate.”

He explains, “We appreciate VARA’s progressive approach to regulation. It has been instrumental in helping us at every step of the licensing process. We have a few more steps to complete in order to obtain the full license, then we can begin operations. Singapore has not shown the same commitment to virtual asset regulation, whichis one of the reasons we chose to expand to MENA and run Enjinstarter in a regulated manner.”

Enjinstarter and a Sustainable Future

The climate emergency is becoming a pressing issue. Temperatures are expected to rise 1.5 degrees Celsius by 2050 which will raise sea levels and lead to huge climate changes and extinctions of many animals, and plants.

Yet to date nothing has seemed to incentivize people to do something about it even with the creation of carbon credits. The challenge with carbon credits is that they are only available to corporations and governments. Individuals don’t have much access other than through carbon offset schemes.

For this reason, Enjinstarter is looking to add more projects that focus on impact and sustainability replicating the success of their existing launchpad while complementing it with UAE’s outlook towards building a sustainable future.

Ahmed states, “Web3 has a major role to play in addressing the climate crisis. Carbon credits, in particular, can benefit from Web3’s underlying technology to increase transparency and accessibility. We want to support projects that are looking for ways to shift incentives away from exploitation and toward preservation and regeneration.”

He adds, “Corporate demand for emission reduction strategies is clear. Microsoft, for example, has taken the lead in offsetting its carbon footprint by buying carbon credits. The UAE government has also signalled its desire to be the first carbon-neutral country in MENA. What we need are more initiatives looking to fulfill this demand. Our climate launchpad is designed to scale these initiatives and, ultimately, climate impact.”

Enjinstarter is already working with large scale projects that will be announced in due time, but also wants to focus on grassroots projects. Ahmed explains, “Major projects aren’t the only way to effectively combat climate change. If there is a project making demonstrable climate impact, we want to incubate, accelerate, and match them with interested investors.” 

Ahmed also believes AI (Artificial Intelligence) will be part of Web3 climate solutions. He explains, “As a scuba diver I have seen firsthand how ocean species are either extinct or very close to extinction. Putting these species in the metaverse and allowing users to interact with them can help us build awareness around the importance of preserving them. We can work directly with marine conservations to build the kind of metaverse experiences that maximize engagement with people. Today’s youth, for example, already spend a lot of time gaming. Why not give them the opportunity to play for a good cause?”

Web3 is changing Business models

Enjinstarter has been working with corporations to help them transition seamlessly from their Web2 past  to a Web3 future. Web3 is changing business models and inevitable outcome of digitization and the metaverse sits at the center of it all.

The company is a strong partner with Web3 giant Animoca Brands, the holding company of The Sandbox metaverse. Enjinstarter and Animoca not only have in common their belief in the metaverse but they also have common investors. True Global Ventures 4 Plus has invested both entities. Enjinstarter raised US$5 million in their Series-A round from True Global Ventures 4 Plus.

According to Ahmed, ”True Global Ventures is a very hands-on VC and we love having them as our only VC investor so far. They were instrumental in developing our UAE expansion strategy.”

Both Enjinstarter and Animoca Brands believe that the future of the metaverse hinges on interoperability. The two partnered together for OMA3™, a collaboration of Web3 metaverse platform creators whose goal is to ensure virtual land, digital assets, ideas, and services are highly interoperable between platforms and transparent to all communities. OMA3™ is open to all Web3 metaverse builders.

With this in mind Enjinstarter has developed its Web3 Innovation consulting practice that works with brands, large corporations, and Web2 companies to help them develop Web3 strategies.

Ahmed explains, “In the UAE and GCC there is a lot of excitement towards and experimentation with Web3.. Part of our mission is to help clients jump into Web3 and the metaverse. We’ve developed a playbook for success comprising 30 core skills and actvities. The most important is to take a community-first approach, meaning that you build your community first, then your product. ”

Utilizing a holistic multi-disciplinary approach and a portfolio of partners, Enjinstarter has been able to help replicate its successes with previous projects and build loyalty based metaverse experiences, NFTs, and more.

This is just the beginning; Ahmed believes that there is a lot happening in the region on a government and corporate level and that the future will see AI and Web3 come together as the masses adopt Web3 and metaverse experiences.

UAE EnjinStarter first Web3 Launchpad globally to be initially licensed by regulator

UAE EnjinStarter first Web3 Launchpad globally to be initially licensed by regulator

UAE based EnjinStarter MENA, a web3 Launchpad and incubator, has become the first launchpad globally to receive initial approval by Dubai’s virtual asset regulatory authority.

According to the unilateral announcement, EnjinStarter will continue to undertake the in-depth process of applying for a licence, in accordance with VARA requirements.

With the Middle East and North Africa considered to be a booming Web3 market, Enjinstarter is seeking a foothold in the region as it aims to be the premier Launchpad and incubator for Web3 metaverse, gaming, and entertainment experiences.

Enjinstarter has ambitious plans to be the go-to provider for Web3 adoption in the region, including the addition of more portfolio projects focusing on impact and sustainability initiatives that complement the UAE’s commitment to climate action.

“This is an important step for Enjinstarter. Getting initial approval and continuing with our license application makes clear our commitment to achieving the highest standards of accountability and transparency in the Web3 space. We are committed to   conforming to VARA’s high standards and know this will only accelerate our growth in the Middle East and beyond,” said Prakash Somosundram, co-founder and CEO of Enjinstarter.

“Dubai has been laser-focused on establishing itself as a global hub for Web3. It continues to provide much-needed leadership in terms of regulation and innovation, especially with initiatives such as VARA’s own foray into The Sandbox. We are looking forward to getting started here and contributing to Dubai’s growing Web3 ecosystem,” added Vasseh Ahmed, Enjinstarter MENA’s managing director.

MENA Investors invest 5 million USD in TGV4 Plus 146 million Follow on Fund

MENA Investors invest 5 million USD in TGV4 Plus 146 million Follow on Fund

 True Global Ventures 4 Plus (TGV4 Plus) Fund has closed its US$146m Follow on Fund. The Follow on Fund will double down on the TGV4 base fund investments, the likes of Animoca, Sandbox, Forge, Chromaway, CoinHouse, GCEX, and others. Interestingly 40 percent of the Follow on Fund was raised from partners in Middle East, India and Asia. Investment from Middle East partners was 3.4 percent of the 40 percent making their total participation 5 million USD. While portfolio companies such as GCEX, Enjinstarter and IoMob have established operations in Dubai UAE. TGV4 Plus has been partnering with MENA based investors including Cypher Capital and Crypto Oasis among others. 

Valerie Hawley, Affiliate Founding Partner, Middle East True Global Ventures 4 Plus , told LaraOntheBlock, “More than 40% of the Follow on Fund has been raised from partners based in the Middle East, India and Asia, of those 3.4 percent were from Middle East Partners in particular. This just goes to show the increasing importance this region has to play in the Venture Capital space.  Numerous portfolio companies from our base fund, GCEX, Enjinstarter and IoMob, have established operations in Dubai, and we expect many more to do so given the crypto friendly environment the UAE has established with the creation of VARA (Virtual Asset Regulatory Authority).”

The TGV4 plus Follow on Fund  whose 15 General Partners (GP), lead the fund and its Investment Committee, put in more than US$62m of their money into the fund. This is a total GP commitment of over 40% of the total fund size and over US$4m per GP on average. The first capital call of the fund has been fully paid in.

The TGV 4 Plus base fund invested in serial entrepreneurs leading globally ambitious Blockchain start-ups. It covers 20 cities in North America, Europe and Asia. The fund is dedicated to Web3 companies, primarily in late-stage Series A, B and C across 3 verticals: Entertainment & gaming, financial services, infrastructure & data analytics / Artificial Intelligence (AI).

It has invested in some of the leading Web3 companies such as Animoca Brands, The Sandbox, Forge, Chromaway, Coinhouse, GCEX, Chronicled and others. 

The new Follow on Fund will focus on investing a majority of its capital into selected TGV 4 Plus base fund companies. It might also invest in other late stage Web3 deals opportunistically.

“The base fund has been a fantastic success, but we are still only in the starting blocks of Web3. We believe that our early winners will grow even stronger and with the Follow on Fund, we give our partners an opportunity to invest more into these companies” says Fredrik Adolfsson, General Partner.

“After some years of growth, our best portfolio companies are looking to expand even further. We want to help and assist them with the Follow On Fund, as we are ready on the starting blocks, when many growth funds focus on regaining investors’ trust during this period”, says Konrad Wawruch, General Partner.

General Partner Dušan Stojanović adds, “We raised the money in record time in 4 months and we believe this is the best time to invest during market corrections. I would say that it is much easier to see more clearly who the winners are now. This has created a high level of confidence amongst our investors who have seen a large GP Commit and the first call being executed very quickly”.

EnjinStarter Launchpad for Blockchain games and metaverse in UAE soon

EnjinStarter Launchpad for Blockchain games and metaverse in UAE soon

EnjinStarter, next generation Launchpad for Blockchain games and the metaverse, which is based out of Singapore, could be setting up base soon in UAE.

Prakash Somosundram CEO and Co Founder at EnjinStarter recently visited Dubai.  Nigel Hawley board advisor and a investor in True Global Ventures (TGV), which also recently invested 3 million USD in a series A round as a lead investor into Enjinstarter hosted the visit. EnjinStarter has received a total of 8 million in funding since its inception.EnjinStarter, built on JumpNet is enabling creators and game developers to run capital raising campaigns and build communities using blockchain tech. Not only do they issue tokens but provide game developers with a way to explore other innovative ways of raising capital including utilizing NFTs. They even have an incubation program, supported by an accredited partner network.

Concurrently the MENA gaming sector is one of the fastest-growing gaming markets in the world, with revenue across the MENA-3 (Saudi Arabia, United Arab Emirates, and Egypt) reaching 1.76 billion in 2021.

Since late 2021 and early 2022, a lot of efforts and investments are moving towards a Blockchain enabled gaming sector. Abu Dhabi based, AD Gaming, an entity driving Abu Dhabi’s fast-growing gaming industry partnered with ATTARIUS Network, a UAE crypto and blockchain company, to bring blockchain solutions to the UAE game developers, with a focus on developing blockchain gaming, ATTARIUS Network to build an all-in-one NFT ecosystem for the gaming industry and digital artists.

Back to EnjinStarter, on the LinkedIN post Hawley stated, “What a great pleasure it was welcoming Enjinstarter, to Dubai. We had a fantastic week introducing Prakash Somosundram, CEO and Co-Founder and Shitij Gupta, CFO, to the Dubai ecosystem.  We started with some interesting metaverse and blockchain panel discussions at the Top CEO Conference and Awards.”

He adds in his post that insightful discussions were also held with UAE Crypto Oasis team represented by Saqr Ereiqat as well as the founders of MetaTerrace.

He notes in his post that the highlight of the discussions where the meeting with the Founder of UAE Based Cypher Capital, which launched in March its 100 million USD fund in Blockchain, crypto startups emphasizing those who have set up a base in UAE. As Hawley states, “Highlight was the fruitful discussions with Bijan AliZadeh, Founder and CEO of Cypher Capital.”

From the comments on the post, it seems likely that there is a good chance that EnjinStarter will be making Dubai as a base for its operations in the MENA region. Hawley adds at the end of the post, “We are looking forward to seeing EnjinStarter in Dubai on a more permanent basis going forward.”

Both Crypto Oasis and Cypher Capital have espoused their intentions to build the blockchain ecosystem in the MENA region. Crypto Oasis recently announced that there are 1000 blockchain crypto companies in the UAE. During Davos CryptoOasis which had targeted 1000 Blockchain and crypto entities by end of 2022, re assessed its aim given that already 1000 blockchain and crypto companies have set up base in the UAE. Crypto Oasis is now aiming to have 1500 Blockchain crypto companies set up in UAE by end of 2022, and it looks like EnjinStarter could be one of them.

In the crypto Oasis press release, Ralf Glabischnig, Founder of Crypto Oasis said, “This is an exciting time for us as we exceed expectations considerably month after month. Our target for the year has been achieved already and we’re anticipating exceptional growth in the future. The first months of 2022 have already shown that the key pillars of growing and building the Ecosystem are talent, capital and infrastructure. We believe we are still at an early stage but with the speed of development and growth that we see day by day across the community in this region, we look forward to further advancing the Blockchain economy in the Middle East.”

In the UAE today 53 percent of organizations active in the Blockchain space are native Blockchain entities, which mean their primary focus is blockchain technology, the rest are non-native blockchain organizations which means they offer services or product related to blockchain but not as their primary focus.