Draper Associates leads Takadao’s $1.6mil Preseed Round
Summary
Takadao builds community-owned financial services on the blockchain, with two flagship products in savings & loans (Takaturn) and cooperative life insurance. Takaturn is based on the ROSCA concept, commonly known as Jamaiyah in the Middle East, Ballot Committee in Pakistan, Tontine in parts of Africa, and chit fund in India. Takasure is a cooperative insurance product based on the Takaful model; it is still in development with an anticipated launch date of June 2024.This marks the first investment for Tim Draper in a Saudi-based startup. Drapers investment track record in Baidu, Skype, Hotmail all precipitated significant changes in consumer behavior that have become the norm today, whether its email, search or voip. This is why were extremely excited to have him on board, said Morrad Irsane, CEO and cofounder of Takadao.Irsane continues: The world has been influenced by Muslim traditions over the centuries, from the number system, algebra and navigation, to universities and hospitals and even optometry.