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Egyptian fantasy football start-up Eksab raised $3 million is a seed round led by 4DX Ventures. The round also drew 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.
Eksab is the only licensed fantasy football platform in Egypt and is said to announce its expansion into three new Miidle East and North Africa regions later in 2022.
“This is a phenomenally high growth period in our business as we look to take our platform to new audiences,” said Eksab’s founder and CEO Aly Mahmoud in a statement. “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.”
4DX Ventures participated in a $500 000 funding round at the end of 2020, which keeps to the firm’s ambitions to stimulate growth in the African tech sector.
Eksab is also said to be integrating its platform into blockchain technology to increase the speed and transparency of its game engine to better serve its 700 000 registered users who are playing fantasy football and making predictions.
“We have been consistently impressed with the growth that Eksab has shown over the last 12 months, backed by technology-backed innovation and unmatched market knowledge by Aly and his team,” added Dan Marlo, Managing Partner of 4DX.
“The soccer game market is huge worldwide, especially in MENA. Eksab has built a product and community that is growing rapidly in the MENA region but can be easily expanded across the continent. It fits perfectly with the investment spirit of 4DX.”