Nuqtah, a pioneering NFT (non-fungible token) marketplace based in Saudi Arabia, recently closed its seed funding round led by Animoca Brands, with participation from Polygon and other regional investors. While the exact amount remains undisclosed, the company has clarified that the funds will be utilized to scale its operations over the next 12 months.
Company Background
Founded in 2021 by Salwa Radwi, an award-winning photographer and a prominent advocate for blockchain technology, Nuqtah serves as a platform that allows individuals and businesses to create, deploy, and monetize NFT collections. The platform is unique for being the first NFT marketplace in Saudi Arabia licensed by the Ministry of Communications and Information Technology and the Ministry of Investment.
Use of Funding
According to Nuqtah’s official statement, the newly acquired funds will be directed towards areas including product development, marketing, talent acquisition, and other operational aspects. With this influx of capital, the company aims to broaden its reach and improve its services to further contribute to the Web3 space in Saudi Arabia and beyond.
Strategic Partnerships
Animoca Brands has been a key investor in Nuqtah’s seed funding round, marking another important step in its efforts to foster Web3 adoption in the Middle East and North Africa (MENA) region. Yat Siu, executive chairman and co-founder of Animoca Brands, highlighted Nuqtah’s potential as a vital catalyst for boosting Web3 and NFT adoption in the Middle East.
Female Leadership in Tech
Salwa Radwi, the brain behind Nuqtah, is one of the first female founders and CEOs in the Saudi Arabian NFT landscape. She is joined by co-founders with impressive industry credentials, having previously worked at major companies like Careem and Oracle. This strong leadership has positioned Nuqtah as a respected advocate of Web3 technology in the kingdom.
Looking Ahead
With the seed funding successfully closed, Nuqtah is set to embark on an ambitious journey to scale its operations and make significant contributions to the MENA region’s Web3 industry. The platform aims to empower local artists, businesses, and general users to leverage the opportunities that the decentralized Web3 world offers.
Conclusion
Nuqtah’s seed funding round stands as a pivotal moment for both the company and the broader Web3 industry in the MENA region. As Saudi Arabia’s first licensed NFT marketplace, Nuqtah holds immense potential for fostering a vibrant Web3 community, offering a seamless experience for creators and businesses alike.
