An Africa-focused fund to help blockchain startups on the continent is the main target of the CV VC. CV VC stands for Crypto Valley Venture Capital.
CV VC revealed on Monday during the Blockchain Hub 2022 held in Davos, Switzerland, that it is launching a fund. The fund is for blockchain startups in Africa.
Fund for 100 African startups
CV VC said in a news release that the fund would invest in 100 African businesses. This is coming over the next four years.
According to the release, CV VC has invested in 12 firms. Those firms where “blockchain use cases go well beyond cryptocurrencies to propel Africa’s future to date”. The fund’s goal is to raise between $10 and $50 million, according to the investor.
Among the 12 businesses CV VC has already funded is Leading House Africa, a Nigerian firm that will enable blockchain-based land registration. Then there is also Mazzuma, a Ghanaian mobile payments platform.
According to Olaf Hannemann, CV VC co-founder, and chief information officer, most businesses are anticipated to come from South Africa, Nigeria, Kenya, Ghana, and Egypt.
However, Hanneman added that they are willing to invest in initiatives from the whole continent. Also, they are just looking for the greatest ideas from anywhere.
African Blockchain Report
CV VC released the African Blockchain Report on Monday, highlighting the growth of the blockchain business in Africa.
Financing for African blockchain companies expanded 11 times faster than total African venture capital investment, according to the study.
According to the survey, Africa is a fast-growing crypto industry drawing big investments from the crypto sector.
Meanwhile, a $23-million round for Pan-African centralized crypto exchange Mara was held by investors led by Coinbase Ventures and Alameda Research earlier this month as Bitcoin is now accepted as legal tender in the Central African Republic.
CV VC, also based in Switzerland, has formed a public-private collaboration with the Swiss State Secretariat for Economic Affairs (SECO), the country’s labor market regulator.