WeCare, a Cypriot deeptech startup, has secured $350,000 in funding to support its research and development efforts in the field of lab-grown diamonds.
The funding round received support from Red Capital along with individual investors, underscoring the confidence in WeCare’s mission and potential within the lab-grown diamond market.
Led by Saad Kassis Mohamed, WeCare focuses on producing lab-grown diamonds, including run-of-mine (ROM) diamonds, which undergo thorough valuation by accredited experts at designated facilities. Utilizing WeCare’s proprietary valuation methods, these diamonds are assessed for their market potential and quality, catering to various industries such as telecommunications, laser optics, and abrasives.
The demand for lab-grown diamonds is on the rise, with projections suggesting that it could reach 160 million carats by 2030, particularly driven by the growing acceptance of lab-grown diamonds in Asia.
Saad Kassis Mohamed, Chairman of WeCare Foundation, expressed the company’s commitment to fostering innovation and sustainability in the lab-grown diamond industry. By offering tailored funding solutions and market opportunities, WeCare aims to empower small to mid-sized players to succeed in this evolving sector.
