OOOOO Entertainment Commerce Limited announce that it has signed a license agreement with The Taken Seat a venture builder in the Middle East to launch a video commerce platform in the region later this year. Pursuant to the agreement, OOOOO has agreed to license the OOOOO software to the Taken Seat exclusively for a number of countries in the region and non-exclusively for others in exchange for a minority equity interest in Fourth Taken Holding Ltd, a private company incorporated under the laws of the Abu Dhabi Global Market. In addition, OOOOO will receive an upfront cash payment towards certain of its costs to integrate the software.

The Taken Seat is a Kuwait-based venture builder that incepts, launches, scales and funds next generation disruptive technology ventures in the Middle East. The Taken Seat was established about three years ago by Musab & Abdullah Almutawa, the co-founders of Carriage which had a successful exit to Delivery Hero in 2017. Along with a team comprised of Harvard/MIT/Stanford/Apple alumni, The Taken Seat and its ventures boast 100+ employees across 10+ countries and have raised millions of dollars in venture funding both from the region and beyond.