Saudi NFT Startup Nuqtah raises seed funding from Animoca Brands and Polygon

Press Release - Nuqtah, Saudi Arabia’s first NFT marketplace platform, announced today that it has raised a seed round of funding led by Animoca Brands with participation from Polygon and regional investors. The new funding will be used to scale up Nuqtah’s business over the next 12 months.

Nuqtah is the first NFT marketplace in Saudi Arabia and the first to be licensed by the Ministry of Communications and Information Technology and the Ministry of Investment. Nuqtah aims to empower its creators, businesses, and users to unlock the new opportunities that the Web3 space offers to the region. Nuqtah allows individuals and businesses to easily build, deploy and monetize NFT collections without having to navigate complicated blockchain infrastructure.

Also Read: Nuqtah: At the Cross-Section of Saudi’s Creative and Digital Economies

With the backing of Animoca Brands’ industry network and operational resources, Nuqtah is now uniquely positioned to empower local artists and technical talent to foster the development of a vibrant Web3 industry in Saudi Arabia and the broader region.

Yat Siu, the executive chairman and co-founder of Animoca Brands, commented: “Our investment into Nuqtah is another meaningful step in our commitment to build up the Web3 industry in MENA as well as develop our own capabilities in the region. Nuqtah is an important pioneer and we anticipate that it will greatly help to boost Web3 and NFT adoption in the Middle East. We will continue to expand our operational presence and collaborate with local strategic partners looking to adopt Web3.”

Nuqtah is helmed by Salwa Radwi, an award-winning photographer, artist, and Web3 and blockchain advocate. In 2021 she founded Nuqtah to serve as the first-of-its-kind blockchain technology provider and developer in the MENA region, making her one of the first female founders and CEOs in Saudi Arabia’s NFT landscape. Salwa is joined by co-founders who previously worked at major companies including Careem and Oracle, and whose extensive industry experience has enabled Nuqtah to become a prominent and respected advocate of Web3 in the Kingdom.

Salwa Radwi, founder and CEO of Nuqtah, commented: “Watching Animoca Brands pioneer and enable the Web3 scene since day one has been so inspirational, and so we take great pride in the trust placed in Nuqtah through this investment. We look forward to working together to unlock the massive potential and opportunities in the Middle East.”

Nuqtah will use the new funding announced today to scale up its business over the next 12 months in the areas of product development, marketing, talent acquisition, and other operations.

The strategic investment into Nuqtah further expands Animoca Brands’ portfolio in MENA and reaffirms its commitment to identifying and supporting high-quality projects in the region’s Web3 ecosystem. Previously, Animoca Brands entered into a strategic partnership with Manga Productions, the leading animations, comics, and games production company in the Middle East, to focus on co-creating Web3 pilot projects, growing the regional blockchain industry, and facilitating educational opportunities in relevant fields.

 

Learn more about the successful and the emerging Saudi’s startup and its ecosystem, in the most comprehensive report on the topic to date, The Evolution of Saudi Arabia's Start-Up Ecosystem 2010-2022.