Riyadh-based Web3 platform Takadao secured USD 3.1 mn from a seed round and follow-on funding, Wamda reported yesterday. The funds were raised across a USD 1.5 mn seed round, and additional funding from Draper Associates of Silicon Valley. Several global investors took part in the round, including Hasan VC (Malaysia), Syla Invest (France), Wahed Ventures (UK), Ice Blue Fund (Japan), Istari Ventures (US), and Adverse (Saudi Arabia).

Where will the money go? The fresh funds will help Takado expand its Web3 financial ecosystem and scale adoption in global markets. It will also support the growth of The LifeDAO, a community-owned platform that uses a decentralized wallet to access funds and returns, along with its newly launched LifeCard, a prepaid Visa card that lets users spend stablecoins like liquid money.

About Takadao: Founded in 2022 by Sharene Lee (LinkedIn) and Morrad Irsane (LinkedIn), Takadao offers bankless financial alternatives and provides members with a DeFi wallet, life protection fund, investment pools, and financial education. Its newest product, The LifeCard, adds features such as profit-sharing from card fees, automatic round-up savings for micro-investing, and 0% interest microloans.

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