Eksab, an Egyptian platform that supposedly makes football more thrilling and participatory for every fan in both areas through gaming and virtual community building, has acquired $ 3 million in seed funding.
Darwazah Capital, Golden Palm Investments, P1 Ventures, and certain angel investors from the sports and entertainment industry participated in the round led by 4DX Ventures, according to the business.
Eksab indicated that it plans to use the funds to expand its customer base across the Middle East and Africa. Some of the money will be used for product development, engineering, and product team recruiting and forming partnerships with football clubs.
Aly Mahmoud, the company’s founder, and CEO founded Eksab in 2018 with the goal of making football more enjoyable for every football fan in the Middle East and Africa.
Eksab began with a guessing game in which users design fantasy lineups and compete in free or paid tournaments. A leaderboard displays their performance, and winners receive cash and other incentives.
Eksab has just started rolling out content for consumers to acquire news and updates on their preferred players and teams, allowing them to make better fantasy judgments based on those facts.
Later on, Eksab intends to create a completely integrated platform that will become the go-to platform for soccer play-to-earn gaming, content, stats, NFTs, digital collectibles, and goods, according to its announcement.
Eksab gets a cut of all fees charged on the platform, particularly on premium contests and products.
Eksab’s platform recently has more than 700,000 Egyptian users who compete in daily, weekly, and monthly fantasy and prediction tournaments.
Its monthly user base totals over a million ‘picks,’ and the firm claims that since the debut of its premium competitions last year, its subscribing user base has grown by an average of 60% month over month.
In order to spend even more on its technology, Eksab has announced that it will integrate with blockchain platforms to allow football fans to benefit from web3’s alleged efficiency and transparency.
According to the founder, Eksab is Egypt’s only legal fantasy football platform; in other words, it has little or no competition in Egypt or the Middle East and North Africa.
CEO Mahmoud claimed his startup is on the cusp of forming a collaboration with one of the greatest football clubs in the Middle East and Africa, in addition to obtaining licenses to operate in three more markets by the middle of this year.
Furthermore, as the World Cup draws near in November, Eksab considers itself as perfectly positioned to lead the booming football gaming business in both regions, including for the first time in the Middle East (Qatar).
Although humans participate in a variety of sports, football, also called soccer in the United States, is arguably one of the most prominent.
Football is a sport that is played in practically every country on the planet. This results in a higher number of high-quality players than any other sport.
Since it is a sport that is performed in many countries, the pool of talent is not limitless. This is why football fans are accustomed to seeing high-level competition on a weekly basis.
Football fans are typically seen to have a great deal of enthusiasm for the sport. The same level of fervor displayed by supporters in stadiums can be found in homes all over the world. Regardless of where you are on the earth during a football match, you can always count on football fans to be enthralled by the game.
According to FIFA, the sport’s highest regulating body, there are approximately five billion football followers worldwide.
Although the World Cup, football’s apex event and perhaps the world’s biggest athletic event, demonstrates the sport’s mainstream popularity, it is the yearly leagues held in various countries across Europe, South America, Asia, and Africa that demonstrate the fanatical nature of football supporters.
Latin America, the Middle East, and Africa, according to FIFA, have the world’s biggest fan bases. As followers of different sports, including football, become more fascinated by virtual renditions of their favorite games, businesses from these regions are filling the void by offering fantasy sports platforms.
Eksab has taken advantage of this to build a community for football enthusiasts and a platform where they can forecast who will win.
Featured Image: Aly Mahmoud, Founder and CEO, Eksab
Don’t miss important articles during the week. Subscribe to techbuild.africa weekly digest for updates.