Eksab, an Egyptian fantasy football website, has acquired a seed funding round of US $3 million to help it scale across the Middle East and Africa.
About Eksab
Eksab – which translates as “earn” or “win” in Arabic – was founded in 2017 with the goal of making football more attractive for fans through gaming and online community building. The game lets people play in free or paid events, make predictions, and choose their starting lineups. Winners rise to the top of the leaderboard and get cash and prizes.
Eksab now has over 700,000 registered users in Egypt, with over a million “picks” made by its members each month. It started offering premium contests in 2021, and since then, its paying users have grown by an average of 60% each month. The company has worked with more than ten top Egyptian football players and content creators.
The firm now intends to expand further following the completion of a US $3 million seed round led by 4DX Ventures and including Darwazah Capital, Golden Palm Investments, P1 Ventures, and a number of key angel investors from the local and global sports and entertainment ecosystems. 4DX Ventures also invested in Eksab in 2020, which has now raised a total of US $3.7 million.
What Eksab Will Do With The Fund
Eksab will use the funds to expand its user base across MENA and Africa, invest in product development, engineering, and product talent acquisition, and execute relationships with a number of prominent global football clubs. It is now the first and only licensed fantasy football platform in Egypt. By mid-2022, it plans to expand to three more countries.
Eksab is working hard to make it easier for football fans to take advantage of Web 3.0’s faster and more transparent speed and speed.
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“Our business is seeing a spectacular growth spurt as we look to expand our platform’s reach. Additionally, we are thrilled to have some of the world’s leading investors and partners participate in this round. “The fact that all of our previous investors are coming back to Eksab shows how hard the team has worked and how big the market is,” said Aly Mahmoud, the CEO of Eksab.
Looking Ahead With Eksab
“With the growth of Web3 and play-to-earn gaming, we see Eksab at the forefront of Africa and the Middle East’s digital transformation of football, content, community, and gaming.”
Dan Marlo, a managing partner of 4DX Ventures, stated that his business has been constantly impressed with Eksab’s growth over the last year.
“The global market for football gaming is immense, but particularly so in MENA. “Eksab has established a product and community that has been fast developing in the MENA region but has the potential to spread throughout the continent, which fits 4DX’s investment philosophy well,” he said.