Egyptian startup Eksab, a daily fantasy sports platform, has raised US$500,000 in funding to help it reach more football fans across the Middle East and Africa.
Eksab is looking to tap into the MENA region’s love for football by providing users with exciting and engaging mobile games. Users download the app, make predictions about live football games from around the world, collect points based on the accuracy of their predictions, and get rewarded with prizes.
The startup, which raised a round of seed funding from 500 Startups in June 2019, has announced an investment of US$500,000 from 4DX Ventures as well as other strategic investors within the international sports and entertainment ecosystem.
With the investment, Eksab plans to scale its product to the millions of football fans in the region with the goal of launching its first paid competitions over the next year.
“Daily Fantasy Sports and monetised competitions are a multi-billion dollar a year industry in the US,” said Eksab co-founder and chief executive officer (CEO) Aly Mahmoud. “Our goal is to become the premier sports entertainment company in the MEA region by offering exciting fantasy sports competitions as well as highly engaging local sports content.”
Peter Orth, partner at 4DX, said he saw the region as one of the most exciting and underserved markets for a sports entertainment platform.
“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. We’re excited to be on this journey with Aly and the rest of the Eksab team,” he said.