WeCare raises $350,000 to develop lab-grown diamonds

WeCare raises $350,000 to develop lab-grown diamonds

We careA 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 was backed by Red Capital along with individual investors, underscoring WeCare's mission and confidence in the potential in the laboratory-grown diamond market.

Headed by Saad Kassi Mohammed, WeCare focuses on the production of lab-grown diamonds, including run-of-mine (ROM) diamonds, which are fully evaluated by accredited experts at designated facilities. . Using WeCare's proprietary evaluation methods, these diamonds are evaluated for their marketability and quality, catering to a variety of industries such as telecommunications, laser optics, and abrasives.

Demand for lab-grown diamonds is on the rise, estimated to reach 160 million carats by 2030, driven by growing acceptance of lab-grown diamonds, particularly in Asia.

WeCare Foundation Chairman Saad Kassis Muhammad expressed the company's commitment to promote innovation and sustainability in the laboratory-grown diamond industry. By offering tailored funding solutions and market opportunities, WeCare aims to empower small to mid-sized players to succeed in this growing sector.

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