The investment came via 4DX, an early-stage VC fund based in New York.
Looking to take a piece of a pie that is valued at almost $19 billion globally, Egyptian sports fantasy app, Eksab, has taken another step towards becoming the Middle East's answer to popular US platforms like DraftKings and FanDuel.
After attaining a license from Egypt’s Ministry of Social Solidarity and the Ministry of Communications earlier this year, a new $500,000 investment from NYC-based early-stage VC, 4DX Ventures, means that Eksab can now push ahead with plans to launch its first paid competitions.
The platform peaks at around 10,000 active daily users and 30,000 monthly, all of whom compete in making predictions about matches and even play trivia games. Success in the realm of Eksab means points and points mean prizes, including games consoles, sports jerseys and cash prizes. While the specifics and mechanics of the paid competitions are unclear, it’s believed that they will manifest in a kind-of paid premium service that offers access to exclusive competitions and direct cash prizes.
For founder and CEO, Aly Mahmoud, Eksab has never been in a better place to capitalise on the estimated 1 billion sports fans in the region.
“We’re bringing the FanDuel and DraftKings model to the world’s largest football market,” he said. “Our ultimate goal is to provide an unmatched daily source of entertainment, engagement, and content for the region’s football fans.”
It’s a sentiment shared by 4DX, who also see the Middle Eastern market as primed for an even more elevated version of Eksab.
“We see the region as one of the most exciting and underserved markets for a sports entertainment platform,” Peter Orth, Partner at 4DX Ventures, said of the news. “We’ve been really impressed with Aly’s vision for a next-generation and technology-driven platform that is also highly tailored to local fans and their preferences.”
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