KENYA – WeCare, a philanthropic organization committed to driving positive change and fostering innovation in sustainable technologies, has raised US$350,000 to accelerate innovation in the lab grown diamond sector.
The funding initiative garnered participation from Red Capital along with individual backers, underscoring the widespread support and confidence in WeCare Foundation’s mission to drive innovation and sustainability in the lab-grown diamond sector.
Through this innovative funding model, WeCare seeks to address the financial challenges faced by participants in the lab-grown diamond industry, facilitating growth, innovation, and sustainability for the benefit of all stakeholders involved.
Building upon the success of pioneering funding models in natural diamonds and coloured gemstones, WeCare’s latest initiative aimed at bolstering research and development in lab-grown diamonds.
Through strategic collaborations with esteemed research institutions and industry leaders, this innovative funding model is tailored to empower emerging researchers, startups, and mid-sized players in the lab-grown diamond arena.
Lab-grown diamond productions, including run-of-mine (ROM) diamonds, delivered to designated facilities at WeCare Foundation, undergo thorough valuation by accredited experts.
Leveraging WeCare Foundation’s proprietary valuation methods, these productions are meticulously assessed for their market potential and quality.
“WeCare Foundation is committed to fostering innovation and sustainability in the lab-grown diamond industry. By providing access to tailored funding solutions and market opportunities, we aim to empower small to mid-sized players to thrive in this rapidly evolving sector,” states Saad Kassis Mohamed, chairman of WeCare.
The demand for lab-grown diamonds is steadily increasing, with Teji Mandi’s findings suggesting that it is expected to reach 160 million carats by 2030, signifying the growing acceptance of lab-grown diamonds in Asia.
This investment comes weeks after WeCare has secured US$100,000 through SilverLake Capital to offer vital aid to Sudan during its critical period. These funds are earmarked for rebuilding homes in areas hit hard by the recent economic turmoil.
On April 15 2023, clashes erupted between the Sudanese Armed Forces (SAF), under the leadership of Abdel Fattah Al Burhan, Sudan’s de facto ruler, and the Rapid Support Forces (RSF), led by Mohamed Hamdan Dagalo (Hemedti).
By January 2024, the conflict had claimed over 12,000 lives, displaced more than 5.8 million internally, and forced over 1.5 million to seek refuge abroad.
WeCare’s dedication to making a positive impact in Sudan reflects its commitment to easing suffering and rebuilding communities during times of crisis.
mail newsletter with the latest news, deals and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
