Egyptian Web3-focused venture studio Qurious Labs raises funding

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Egyptian Web3-focused venture studio Qurious Labs has raised funding from Openner as it bids to back bold entrepreneurs in the MENA region building Web3 companies that utilise blockchain, digital currencies, NFTs, and gaming to explore the Metaverse.

By combining the incentive structure of a co-founder, the resources of a development agency, and the network of a venture fund, Qurious Labs is able to work with Web3 creatives and technologists who have extremely limited resources and launch world class products with them.

As a studio, its goal is to help developing markets in accessing a global talent and capital pool while empowering people to earn and own a piece of this new internet. 

“We deeply believe that Web3 will have the biggest impact on society and business since the introduction of the internet,” said studio director Ahmed El Wassimy. “Over half a million developers around the world are building the infrastructure that will shape an always-on, economically equitable future for society leveraging Web3 and we’re excited to embark on this journey to bridge the gap between Web3 and emerging marketing in the Middle East and North Africa.”

The venture studio has now been backed by Openner, a venture capital firm operating in Egypt, and said it is confident more VCs will realise the value of the venture studio model and the potential Web3 has on emerging markets when it comes to utilising open protocols on the blockchain and token economics. 

“Web3 is the golden age for creators and artists,” said Kareem Karam, venture architect at Qurious Labs. “We see the potential of Web3 as a force for good, and we are eager to work with policymakers to define a vision for how to use these powerful new tools to benefit society and ensure they realise their full potential.”

Ash Rofail, general partner at Openner, said the way we coordinate, govern, and participate in networks will change the way we work and value our time with the growth of Web3.

“We believe that Qurious Labs is well positioned and resourced to unlock that potential and prioritise the development of world-class, decentralised digital infrastructure for communities everywhere,” he said.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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