Cairo-based daily fantasy football
platform, Eksab has secured a $3 million seed funding round, led by 4DX Ventures
together with partners including Darwazah Capital, Golden Palm Investments, P1
Ventures and a host of other strategic angel investors from the local and
global sports and entertainment ecosystem.
This
round brings the company’s total investment to $3.7M, which Eksab will continue
to utilize in investing in product development, talent acquisition for
engineering, product, and execute partnerships with a number of leading global
football clubs across the MENA region and Africa.
Eksab was launched in 2018
with a mission to make football more exciting and interactive for every fan in
the Middle East and Africa, through gaming and online community building.
Currently, Eksab is the first and only licensed fantasy football platform in
Egypt , has over 700k registered users, and plans to acquire additional
licenses to operate in three other countries by mid-2022.
Since the launch of its
premium competitions in 2021, Eksab has grown its paying user base by an
average of 60% monthly, partnered with over 10 top-tier Egyptian football
players and content creator, and through the investment in its technology,
Eksab is adding functionality to integrate with leading blockchain-based
platforms to enable football fans to capitalize on Web 3.0’s increased speed
and transparency.
Commenting on the round, Aly
Mahmoud, Eksab Founder and CEO said, “This is a phenomenally high growth period
in our business as we look to take our platform to new audiences. We are also
really excited to have some leading global investors and partners join this
round. The fact that our previous investors are all doubling down on Eksab
highlights the great effort the team has put in over the last 12 months and the
massive opportunity in the sector. With the growth of Web3 and play-to-earn
gaming, we see Eksab as being at the forefront of the digital transformation of
football, content, community, and gaming across Africa and the Middle East.”
Dan Marlo, Managing Partner
at 4DX added “We have been consistently impressed by the growth Eksab has
demonstrated over the past 12 months, powered by technology-backed innovation
and unrivaled market knowledge, by Aly and his team. The football gaming market
is enormous globally, but especially in MENA. Eksab has built a product and a
community that has been rapidly growing in the MENA region but can easily scale
across the continent – which fits 4DX’s investment ethos perfectly”.
