African Blockchain Fund Launches with $20M Target, Backed by Circle Ventures
The African Blockchain Fund, an early-stage vehicle dedicated to African blockchain startups, has launched with a $20 million investment target over the next decade. CV VC, a Swiss investment and advisory firm specialising in blockchain and Web3, is behind the fund, with Circle Ventures, the venture arm of USDC issuer Circle, joining as a limited partner.
CV VC's African principal and head of growth, Brenton Naicker, announced Circle's backing of the fund on social media. The fund aims to invest between $100,000 and $500,000 in startups, with a planned lifespan of up to 10 years. Startups receiving funding will also gain access to a 10-week accelerator programme designed to strengthen their operations and attract further investment.
The fund has already invested in multiple African companies, including Nigeria-based cross-border payments company Ivorypay and Kenyan blockchain credit firm, Nyayomat. The fund's chief executive officer, Daniel Haudenschild, was likely instrumental in securing this partnership with Circle Ventures, with the aim of fostering African blockchain innovation and development.
The African Blockchain Fund, launched by CV VC with the support of Circle Ventures, aims to invest $20 million in African startups over the next 8-10 years. The fund has already invested in several African companies and offers an accelerator programme to strengthen startups' operations. With a planned lifespan of up to 10 years, the fund is set to significantly impact African blockchain and fintech development.
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