- Egypt-based VC firm Openner has launched Qurious Labs, a Web3-focused venture studio, to help develop markets and aid them to access the global technology, talent and capital pool.
- Founded in 2017 by Ashraf Rofail, Openner is a VC focused on early-stage startups.
- Qurious Labs will offer an inclusive ecosystem for builders to launch their Web3 ventures and brands to explore Web3 business models through a one-stop shop for them to build and launch their projects.
Qurious Labs is the first Web3-focused Venture Studio model to hit the MENA market. This model serves to back bold entrepreneurs in MENA building web3 companies that utilise blockchain, digital currencies, NFTs, gaming as well as explore the Metaverse and decentralised applications leveraging.
By combining the incentive structure of a co-founder, the resources of a development agency, and the venture fund network, Qurious Labs can work with Web3 creatives and technologists who have extremely limited resources and launch world-class products with them.
The Venture Studio is backed by Openner, a Venture Capital firm in Egypt, and is confident more VCs will realise the value of the Venture Studio model and the potential web3 has on emerging markets when it comes to utilising open protocols on the blockchain and token economics.
As a studio, its goal is to help developing markets in accessing a global talent and capital pool while empowering people to earn and own a piece of this new internet. "We deeply believe that web3 will have the biggest impact on society and business since the introduction of the internet", says Ahmed El Wassimy, Studio Director. "Over half a million developers around the world are building the infrastructure that will shape an always-on, economically equitable future for society leveraging web3 and we're excited to embark on this journey to bridge the gap between web3 and emerging marketing in the Middle East and North Africa."
Qurious Labs has a primary goal, and that is to offer a complete ecosystem for builders to launch their web3 ventures and brands to explore web3 business models. They do so by supporting builders by being a one-stop shop for them to build and launch their web3 projects. Builders get insightful knowledge from experienced builders, thought leaders, and veteran investors to build and fund resilient communities, platforms, and economies.
Qurious Labs is growing a network of web3 talent and expertise in many fields, from UX/UI, full-stack, content creation, community building, marketing, and game design & development, to leverage and contribute to web3 projects they work on and have 'ownership' in high-quality projects before anyone else.
"Web3 is the golden age for creators and artists," says Kareem Karam, Venture Architect at Qurious Labs, "We see the potential of Web3 as a force for good, and we are eager to work with policymakers to define a vision for how to use these powerful new tools to benefit society and ensure they realise their full potential.”
Many renowned VCs are betting big on web3 business models and gaming. After this global recession storm passes, the team at Qurious Labs believes this is when web3 will start getting most of the attention. "The old ways of raising money and growing at all costs are over with. Web3 communities and networks will motivate participants to become owners and investors in the networks they want to be a part of and help grow. This will be a whole new way of raising capital from your early believers and die-hard fans. That's the power of web3 and there’s no better time to build for it." says El Wassimy.
Qurious Labs is focusing on venture building and venture support that will on-ramp adoption for emerging markets in MENA while delivering and capturing value with web3 communities globally. Qurious Labs hires talent from all around the world to build upon existing infrastructure and looks forward to working with partners in government, the private sector, and civil society in UAE, Saudi Arabia, and Egypt to shape what promises to be one of the most consequential conversations of our time.
"The way we coordinate, govern, and participate in networks will change the way we work and value our time with the growth of web3 and we believe that Qurious Labs is well positioned and resourced to unlock that potential and prioritise the development of world-class, decentralized digital infrastructure for communities everywhere," says Ash Rofail, General Partner at Openner.