Egyptian esports startup raises $3 million

Egyptian esports startup, Eksab has secured $3 million in a seed round which according to reports it will use to expand its user base across the Middle East and North Africa (MENA) and Africa, engage in product development, hire engineering and product talent, and form collaborations with a number of top global football clubs.

The seed round was headed by 4DX Ventures, with participation from Darwazah Capital, Golden Palm Investments, P1 Ventures, and a number of strategic angel investors from the local and global sports and entertainment ecosystem.

Speaking after their successful seed round was Eksab Founder and CEO Aly Mahmoud who praised his team for their tremendous effort over the last year.

“As we look to expand our platform to new audiences, we’re in the midst of an incredibly high growth era in our business.”

“We’re also very happy to have some of the world’s most prestigious investors and partners participate in this round.”

“The fact that all of our previous investors are reinvesting in Eksab demonstrates the tremendous effort the team has put in over the last year, as well as the enormous possibilities in the sector.”

The Egyptian startup is actively building features to link with prominent blockchain-based platforms as it invests more in its technology, allowing football fans to benefit from Web 3.0’s increased speed and transparency.

“We envision Eksab as being at the vanguard of the digital transformation of football, content, community, and gaming across Africa and the Middle East, with the growth of Web3 and play-to-earn gaming,” Mahmoud stated.

Eksab was founded in Egypt back in 2018 and currently has over 700,000 registered members who compete in daily, weekly, and monthly fantasy and prediction tournaments.