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.