On March 28, 2022, Eksab, an Egyptian platform that claims to make football more exciting and interactive for all fans in both areas through gaming and online community building, raised US $3 million in seed funding.
Darwazah Capital, Golden Palm Investments, P1 Ventures, and many angel investors from the sports and entertainment industry participated in the round led by 4DX Ventures, according to the company.
Eksab indicated that it plans to use the funds to expand its user base across the Middle East and Africa. Some of the money will be used for product development, engineering and product team recruiting and forming partnerships with football clubs.
What the founder has to say:
Founder and CEO Aly Mahmoud:
Aly Mahmoud, the company’s founder, and CEO, founded Eksab in 2018. “The objective of Eksab is to make football more interesting for all football fans in the Middle East and Africa,” says the company.
Mahmoud, who got the concept for Eksab while working at a startup incubator in Canada, said he was inspired by incumbents like Dream 11, DraftKings, and FanDuel and younger firms like Sorare that are bringing web3 to the realm of fantasy sports. Others, such as Draftea, demonstrate what is feasible in regions other than the United States and Europe.
About Eksab:
Eksab’s platform currently has over 700,000 Egyptian users who compete in daily, weekly, and monthly fantasy and prediction tournaments. Its monthly user base totals over a million ‘picks,’ and the firm claims that since the debut of its premium competitions in 2021, its paying user base has grown by an average of 60% month over month.
In order to spend even more on its technology, Eksab has announced that it will integrate with blockchain platforms to allow football fans to benefit from web3’s alleged speed and transparency.
According to the founder, Eksab is Egypt’s only legal fantasy football platform; in other words, it has little or no competition in Egypt or the Middle East and North Africa. CEO Mahmoud also stated that his company is on the cusp of signing a deal with one of the greatest football clubs in the Middle East and Africa and obtaining licenses to operate in three new regions in the middle of this year.
As the World Cup approaches in November, Eksab sees itself as uniquely positioned to dominate the booming football gaming business in both regions, including for the first time in the Middle East (Qatar).
We try our best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
