Saturday, June 15, 2024

Eksab raises $500,000 for fantasy sports platform

“Eksab,” a Cairo-based Daily Fantasy Sports (DFS) platform, has raised $500,000 from 4DX Ventures; this is a New York-based and early-stage VC that is focused on African startups. This round, as per the noted statement, is also included in the participation of the other strategic investors from international sports and the entertainment ecosystems. Eksab, in June 2019, previously had raised an undisclosed amount of its seed funding from around 500 Startups.

It was founded in the year2017 by Mr. Aly Mahmoud, Eksab- through its mobile apps easily enables the fans to join the competitions to make a prediction about live football games, and to collect points which the user can get as the award of prizes or cash.

The founder and the CEO of Eksab, Aly Mahmoud, said, “Daily Fantasy Sports and the monetized competitions are among multi-billion dollar a year industry in the United States. Our goal here is to become the premier sports entertainment organization in the MEA region by providing and offering exciting Fantasy Sports competitions and services as well as highly engaging local sports content to entertain others.”

DraftKings is an $18-billion-dollar firm. In addition to the US, fantasy sports apps have been popular and also have attracted the VC dollars in many different and other markets too. Dream11 is an Indian fantasy sports app, had recently raised around $225 Million at a valuation of $2.5 Billion. However, Eksab estimates that over a billion football fans across Africa and the Middle East are available that is the opportunity to tap by engaging them.

The startup had planned to use the latest investment just to scale its product to millions of football fans only in the decided region and to launch its first paid competitions over the next year.

Peter Orth, Partner at 4DX Ventures, also said that we see the region our self as one of the most exciting and the underserved markets as a sports entertainment platform. We have been impressed amazingly with Aly’s vision for the next-generation and the advance technology-driven platform that is highly tailored to the local fans and their preferences. So, we are excited to be here on this journey with Aly and also with the rest of the Eksab efficient team.

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

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