Crypto Valley Venture Capital has announced the launch of an early-stage fund for African blockchain startups. Already, the venture capital firm has invested in 12 startups whose use cases go beyond crypto.
The Switzerland-based venture capital (VC) firm, Crypto Valley Venture Capital (CVVC), has launched an African blockchain early-stage fund. The VC has partnered with the Swiss State Secretariat for Economic Affairs (SECO) in this endeavor, a statement released by CVVC has said.
In the same statement, the VC said the objective of the accelerator is to fund some 100 startups from Africa in the next 4 years. Already, CVVC has invested in 12 startups whose blockchain use cases go beyond cryptocurrencies. Also, through the new fund, the VC will continue to play its role as a “leading enabler.”
Remarking on CVVC’s launch of the blockchain fund as well as the publishing of the inaugural African Blockchain Report, Véronique Haller, Chargée d’affaires at the Swiss Embassy in South Africa said:
Blockchain has the potential to be a catalyst for positive change and shape the future of our continent. With data in and around blockchain in Africa still scarce, the first Africa Blockchain Report will be an important milestone. And let’s bet that Africa will soon be home to its first blockchain unicorn.
‘Data-Driven Account’ of the Blockchain in Africa
The VC firm’s Gideon Greaves, in the meantime, is quoted explaining the objective behind the publishing of the first blockchain report. He said: “Our objective with the African Blockchain Report is to share a data-driven account of blockchain in Africa and begin an annual collation of benchmarkable venture data and solidly referenced African insights.” Greaves also revealed that the report is focused on 40 African blockchain companies.
Meanwhile, in the report that was published in collaboration with Standard Bank, CVVC observed that Africa “has self-accelerated blockchain as a transformative force for society and the economy and how pioneers continue to reinforce the need for more unified action on regulation and infrastructure.”
The report, according to the VC firm’s statement, also “depicts a unique holistic overview of blockchain in Africa, which will facilitate funders to make a better judgment of Africa’s investment potential.”