CV VC IS LAUNCHING AN AFRICA-FOCUSED FUND TO SUPPORT BLOCKCHAIN STARTUPS
The fund will invest in 100 plants on the African continent in the next four years, according to a CV VC press release. According to the announcement, CV VC has invested the first 12 investments in which "cases of blockchain use go far beyond cryptocurrencies to drive the future of Africa so far." The investor aims to raise between $ 10 and $ 50 million through this fund.
Among the 12 startups CV VC has already invested in are Leading House Africa, a start-up from Nigeria that will allow land registration in the blockchain, and Mazzuma, a mobile payment platform from Ghana. According to Olaf Hannemann, founder and CIO of the CV VC, many initiatives are expected to start in South Africa, Nigeria, Kenya, Ghana and Egypt but open to funding projects from across the continent.
"We want the best ideas from everywhere," Hannemann said.
On Monday, CV VC published a report on Blockchain Africa, which highlighted the growth of the blockchain industry in Africa. According to the report, each year, funding for African blockchain startups exceeds the growth rate of the average African currency by 11 times.
Africa is a fast-growing crypto market, attracting significant investment from the crypto industry, according to the report. Earlier this month, Pan-African centralized crypto exchange Mara raised $ 23 million, led by Coinbase Ventures and Alameda Research. The Central African Republic recently adopted bitcoin as an official tender.
CV VC with Swiss headquarters works with private companies and the Swiss State Secretariat for Economic Affairs (SECO), a Swiss labor market authority.