Saudi fintech startup Takadao raises funds from Adaverse

Saudi Arabia- and Singapore-based fintech startup Takadao has secured undisclosed investment from Adaverse, a Cardano ecosystem accelerator and seed fund with a focus on Web3 solutions.

The new investment will support Takadao in the launch of its product, Takasure, in June 2024.

“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. 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,” said Vincent Li, Adaverse's founding partner for both Adaverse and Takadao.

Takadao, founded in May 2022 by co-founders Morrad Irsane and Sharene Lee, is a decentralised finance platform that offers secure, community-driven financial solutions. The platform, which has been innovative in the market, offers two products: Takaturn, a savings and yield generation platform, and Takasure, a cooperative life insurance DAO.

Takadao uses blockchain technology to enhance transparency and reduce costs, offering secure, efficient, and halal insurance solutions to a diverse global audience, including both Muslim and non-Muslim communities.

With over 17,000 members, the organisation has a patent pending on its actuarial and risk management algorithms.

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Takadao raised $1.6 million in a pre-seed round led by Silicon Valley investor Tim Draper in October last year.

Adaverse, an early-stage investor and builder in the Web3 sphere, has 60 investments across 13 nations. In 2024, Adaverse plans to invest $10 million in local Web3 startups.

The company also supports the growth of its portfolio companies by developing product strategies, helping startups establish communities in Southeast Asia and Africa, and connecting them with leading Web3 investors for future fundraising opportunities.