• Sunday, June 16, 2024
businessday logo


Eksab Rakes in $3M Seed Round, to grow its Fantasy Football Platform

Eksab Rakes in $3M Seed Round, to grow its Fantasy Football Platform

Cairo-headquartered daily fantasy football platform, Eksab has secured a $3 million Seed funding round, led 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.

This round brings the company’s total investment to date to $3.7M. Eksab will deploy the capital to scale its user base across the Middle East and North Afraica (MENA) region and Africa, invest in product development, talent acquisition for engineering, product, and execute partnerships with a number of leading global football clubs.

Since the launch of its premium competitions in 2021, Eksab has grown its paying user base by an average of 60 percent month on month. In addition, Eksab has already partnered with over 10 top-tier Egyptian football players and content creators and is rapidly becoming a household brand name amongst football fans.

As it invests further in its technology, Eksab is currently adding functionality to integrate with leading blockchain-based platforms to enable football fans to capitalize on Web 3.0’s increased speed and transparency.

Aly Mahmoud, Eksab Founder, and CEO, while commenting on the round, spoke on the business looking to take the platform to a new audience citing the continuous growth of Web3 and Play-to-earn gaming.

Read also: Big Cabal raises $2.3m Seed round to grow tech media audience in Africa

“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,” Mahmoud said.

The tailwinds supporting Eksab are strong, thanks to the latest financing round and the fact that the 2022 FIFA World Cup will be held in the Middle East for the first time ever in November 2022. Eksab, as the region’s leading daily fantasy platform, is uniquely positioned to dominate the region’s growing football gaming market, using technology to connect football fans and build gaming communities.

Dan Marlo, Managing Partner at 4DX added “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,”

Through gaming and online community development, Eksab was founded in Egypt in 2018 with the goal of making football more entertaining and participatory for every fan in the Middle East and Africa. Players can enter free or premium competitions, make predictions, and select line-ups, with the top scorers ascending the leaderboard and winning cash and prizes.

Eksab currently has over 700,000 registered users in Egypt on its platform who participate in daily, weekly and monthly fantasy and predictions contests, with its user base making over a million ‘picks’ each month.