Riyadh - Sharikat Mubasher: Adaverse, the VC fund focusing on scaling Web3 and blockchain solutions, announced its strategic investment in the Saudi-based Takadao, as part of its strategy to expand operations to Riyadh, a recent press release stated.

With this investment, Adaverse becomes the first VC fund in the Kingdom to specialize in Web3 and blockchain early-stage investing.

Adaverse plans to invest $10 million in local Web3 startups during 2024, in alignment with Vision 2030’s innovation and economic diversification goals.

Takadao leverages innovative blockchain technology to provide secure and efficient Shariah-compliant insurance and financial solutions to a diverse global audience.

Vincent Li, Founding Partner of Adaverse, said: “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.”

On the other hand, Morrad Irsane, Co-Founder of Takadao, commented: “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.”

Takadao, founded in 2022, aims to enhance transparency and reduce costs, in addition to offering more secure and efficient community-driven, halal insurance and financial solutions to a diverse global audience.