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TGE raises $450,000 investment from Adaverse

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  • Funding Announcement: Tharawat Green Exchange (TGE), a Saudi Arabia-based Web3 provider, has raised $450,000 from Adaverse, a local Web3 and blockchain investment fund.

  • Sustainability Focus: TGE, founded in 2023, utilizes Web3 technology to support environmental sustainability in alignment with Saudi Vision 2030, specifically addressing climate change and promoting local environmental initiatives.

  • Investment Utilization: The funds will be allocated towards infrastructure and blockchain development, marketing efforts, and obtaining Vera certification for TGE’s carbon credits, enhancing their credibility in the global market.

  • Business Model: TGE connects carbon offsetters with local nurseries and land projects via a blockchain platform, facilitating Saudi Arabia’s initiative to plant 10 billion trees by 2040 while engaging local economic efforts.

  • Future Growth Plans: TGE is targeting a market potential exceeding $500 billion and plans to raise an additional 1.5 million SAR to enhance product development and market penetration.

TGE raises $450,000 investment from Adaverse


News

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  • Saudi Arabia-based Web3 provider Tharawat Green Exchange (TGR) has raised $450,000 in investment from Adaverse, a Saudi Web3 and blockchain fund 

  • Founded in 2023 by Yakeen Al Zaki, Hassan Al Redha and Yasser Alobaidan, TGE leverages Web3 technology to support environmental sustainability initiatives in line with Saudi Vision 2030.

  • The investment will be used for infrastructure and blockchain development, sales and marketing efforts, and obtaining Vera certification for TGE’s carbon credits.

Press release:

Adaverse, the leading Web3 and blockchain fund in Saudi Arabia, announces a strategic investment in TGE (Tharawat Green Exchange), an innovative startup leveraging Web3 technology to support environmental sustainability initiatives in line with Saudi Vision 2030.

Addressing Climate Change Through Technology

TGE is a pioneer in carbon offsetting in Saudi Arabia, connecting carbon offsetters with local nurseries and land projects via a blockchain-enabled platform. This innovative model supports Saudi Arabia’s goal of planting 10 billion trees by 2040 while also promoting economic growth and environmental health. Unlike global providers that invest in projects abroad, TGE is fully localised, focusing solely on Saudi-based projects to build the local environmental ecosystem. The business model involves three key stakeholders: projects requiring trees, nurseries supplying them, and offsetters funding the planting to meet their carbon goals.

The investment, totalling SAR1.69 million, will be used primarily for infrastructure and blockchain development, sales and marketing efforts, and obtaining Vera certification for TGE’s carbon credits. This certification will ensure that TGE’s carbon crypto is recognised and valued in the global market.

Vincent Li, Founding Partner of Adaverse, commented, “Our investment in TGE aligns perfectly with our mission to foster innovative Web3 solutions that address real-world challenges. TGE’s approach to combining blockchain technology with environmental sustainability has the potential to transform how we approach carbon offsetting and tree planting initiatives in the region.”

Yakeen Al Zaki, CEO and co-founder of TGE, stated, “With Adaverse’s support, we are poised to make a significant impact on Saudi Arabia’s sustainability goals. Our platform simplifies the process of contributing to environmental initiatives, making it accessible for anyone to participate in building a greener future.”

Future Plans and Market Potential

TGE is targeting a $500+ billion market with plans to expand globally, eyeing a $1 trillion annual market expected to grow by 6% year over year.

Looking ahead, TGE aims to raise an additional 1.5 million SAR to further product development, technology infrastructure and market penetration.

Here is a summarized list of the information extracted from the provided content:

Funds:

  • Adaverse: A Saudi Web3 and blockchain fund.

Investors:

  • Adaverse (led by Founding Partner Vincent Li).

Startup:

  • Tharawat Green Exchange (TGE): A Web3 provider focused on environmental sustainability and carbon offsetting.

Founders:

  • Yakeen Al Zaki (CEO and co-founder)
  • Hassan Al Redha
  • Yasser Alobaidan

Fundraise Series:

  • Investment Amount: $450,000 (SAR 1.69 million).

Additional Information:

  • Use of Funds: Infrastructure and blockchain development, sales and marketing efforts, obtaining Vera certification for carbon credits.
  • Goals: Support Saudi Arabia’s Vision 2030 and the initiative to plant 10 billion trees by 2040.
  • Market Potential: Targeting a $500+ billion market, with plans for global expansion aimed at a $1 trillion annual market.

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