Crypto Valley Venture Capital also known as CV VC, revealed today at the Blockchain Hub adjacent to the World Economic Forum in Davos, Switzerland, that it is embarking on a journey to build an Africa-focused fund to help blockchain entrepreneurs on the continent.
According to CV VC, the fund would invest in 100 African startups over the next four years. The press release also stated that CV VC has invested in 12 firms where “blockchain use cases go far beyond cryptocurrencies to drive Africa’s future to date.” The investor hopes to raise $10 to $50 million through the fund.
Leading House Africa, a Nigerian firm that will allow land registration on the blockchain, and Mazzuma, a Ghanaian mobile payments network, are two of the 12 startups in which CV VC has already invested, Investors King understands.
According to Olaf Hannemann, co-founder and CIO of CV VC, the majority of startups are expected to come from South Africa, Nigeria, Kenya, Ghana, and Egypt, although the company is open to investing ideas from all African countries.“We just want the best ideas from everywhere,” Hannemann explained.
CV VC released the African Blockchain Report on Monday, highlighting the sector’s rapid expansion across Africa. According to the report, financing for African blockchain startups has grown 11 times faster than overall African venture capital funding.
According to the survey, Africa is a fast-growing crypto industry that is attracting big investments from the crypto sector. Coinbase Ventures and Alameda Research led a $23 million round for Pan-African centralized crypto exchange Mara earlier this month. Bitcoin has now become legal tender in the Central African Republic.