Crypto Valley Venture Capital Launches Africa-Focused Blockchain Fund

Crypto Valley Venture Capital (CV VC) is launching an Africa-focused fund to support blockchain startups on the continent, according to an announcement made at the World Economic Forum in Davos, Switzerland. Investing in 100 African Startups in 4 Years CV VC is to invest in 100 startups in the African continent over the next four years and aims to raise between $10 and $50 million through the fund. The fund has already invested in 12 startups including Leading House Africa, a startup from Nigeria that will allow land registration on the blockchain, and Mazzuma, a mobile payments platform from Ghana. According to Olaf Hannemann, co-founder and CIO of CV VC, most startups are expected to originate from South Africa, Nigeria, Kenya, Ghana, and Egypt but it is open to funding projects from the entire continent. Venture Funding in Africa On Monday, CV VC published the African Blockchain Report, which highlighted the growth of the blockchain sector in Africa. According to the report, blockchain startups in Africa were to raise $91 million within 2022’s first quarter. Compared to the first quarter of 2021, this year showed a 1,668% year-on-year (YoY) increase in cash inflow compared to 2021’s YoY of 149% which is an increase of more than 11 times. In addition, the report also highlighted that while Africa has not yet seen a “blockchain mega-deal,” it predicts that within 2-3 years, unicorns may emerge from the region’s crypto and blo...