Jobedu, a Jordan streetwear brand that works with designers, illustrators and international intellectual property holders to reproduce their designs on affordable apparel, was acquired by US-based Web3 company Novajax for an undisclosed sum.
The deal complements Novajax’s efforts to bridge the gap between digital and physical worlds through blockchain technologies, the companies said in a statement on Monday.
“Jobedu’s journey started in 2007, at a street market, with six designs on 600 t-shirts,” said Tamer AlMasri, co-founder of Jobedu.
“That path has led us here, to the stepping stones of the metaverse. NFT [non-fungible tokens] technology is just the tech solution we need to further empower Jobedu’s creative community collaborations.”
Novajax acquisition comes as NFTs soar in popularity. NFTs are part of the virtual asset class — which includes cryptocurrencies and tokens — and fall under the umbrella of Web3, the emerging concept of the World Wide Web, with blockchain, decentralisation, openness and greater user utility among its core components.
Collectors of NFTs sent more than $37 billion worth of the digital assets to NFT marketplaces so far this year, nearing the $40bn recorded for the entirety of 2021, according to a recent report from Chainalysis.
“NFT technologies are developing rapidly with many traditional companies moving to the web3 ecosystem. Novajax is excited to onboard Jobedu to its family and bring exciting new tech to the Mena region and globally,” said Amer Ghanem, co-founder of Novajax.
NFTs have the potential to empower creatives, IPs, and communities with seamless compensation and protection through blockchain technologies, he said.
Novajax recently raised its seed funding from the US and Saudi Arabia-based venture capital investors and angel investors.
Jobedu is part of Oasis500’s Creative Industries portfolio and is backed by 500 Startups, an early stage VC fund.
Several global investors have sought a foothold in the Mena market by acquiring local start-ups, according to data platform Magnitt.
US-based Astute Imaging acquired Egypt’s DilenyTech, while the US-based JumpCloud purchased Lebanon’s digital identity management solutions provider Myki. Other deals include Canada’s digital investigation software Magnet Forensics’ bid to buy Dubai-based cyber security firm Comae Technologies.
Updated: May 30, 2022, 12:01 PM
