The leading investment company Crypto Valley Venture Capital aka CV VC announced it is unveiling an Africa-focused fund to support blockchain startups on the continent.
The company revealed this news at the Blockchain Hub adjacent to the World Economic Forum in Davos, Switzerland.
CV VC said in a press release that the fund will invest in 100 African startups over the next four years. The fund’s goal is to raise between $10 and $50 million.
CV VC has already invested in 12 startups where “blockchain use cases go far beyond cryptocurrencies to drive Africa’s future to date.”
Leading House Africa, a Nigerian firm that allows land registration on the blockchain, and Mazzuma, a Ghanaian mobile payments network, are two of the 12 startups CV VC has previously invested in.
Most businesses are expected to come from South Africa, Nigeria, Kenya, Ghana, and Egypt, according to Olaf Hannemann, co-founder and CIO of CV VC, although it is open to funding initiatives from all throughout Africa.
In addition to seed finance and an incubation programme for global tech teams in exchange for equity, the private venture capital business with headquarters in Switzerland just launched its inaugural African Blockchain Report.
The report emphasizes Africa’s growing blockchain industry. According to the research, financing for African blockchain businesses has grown 11 times faster than overall African venture capital funding.
The report issued in partnership with Standard Bank says that when Africa’s immediate efforts to use blockchain as the standard are seen, hurdles to global transitions appear manageable.
The report details how Africa has propelled blockchain as a revolutionary force for society and the economy, as well as how pioneers continue to emphasize the need for more coordinated regulatory and infrastructure action.
Africa is a rapidly rising crypto region that is garnering big investments from the crypto industry. Just 2 weeks back, pan-African crypto exchange MARA raised $23 million to launch Africa-focused crypto and blockchain products. And last month, the Central African Republic became the first African country to adopt Bitcoin as legal tender.