The union will look to bridge the gap between digital and physical worlds as the advent of Web3 nears.
In one of the more unique pieces of M&A news to come out of the MENAP region this year, Jordanian streetwear brand, Jobedu, has been acquired by US-based web3 company, Novajax, in a union that aims to bridge the gap between the digital and physical worlds though blockchain.
Founded in 2007, Jobedu is an Endeavour company that grew out of Amman, working with designers, artists and IP holders to produce clothes that tread the line between quality and affordable. The merchandise travels through the Middle East and internationally.
Jobedu’s journey started at a street market with six designs on 600 t-shirts,” recalls co-founder Tamer AlMasri. “That path has led us here, to the stepping stones of the metaverse. NFT technology is just the tech solution we need to further empower Jobedu’s creative community collaborations.”
Novajax was founded as recently as 2022 and is best described as a platform that enables entrepreneurs to increase community reach, doing so through NFTs and cryptocurrency. The company’s first PFP NFT project, Paradise, is an NFT community of 10,000 PFPs drawn by AlMasri and aimed at entrepreneurs and creatives.
While MENAP’s handle of NFTs, crypto, blockchain, the metaverse and other web3 wonders seems to be at a very nascent stage, the acquisition speaks of a prolific start to 2020 in terms of M&A deals, which have included 14 exists by MENA-based startups. Highlight deals include US healthtech, Astute Imaging, acquiring Egypt’s DilenyTech; fellow American firm Jumpcloud’s acquisition of Lebanese security specialist Myki; and Canadian firm, Magnet Forensics’ acquisition of Dubai-based cybersecurity company, Comae.