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Crypto Valley Venture Capital has announced the launch of an early-stage fund for start-ups in Africa with a blockchain. The venture capital firm has already invested in 12 start-ups whose use cases exceed crypto.
Uses cases beyond crypto
Swiss-based venture capital firm (VC), Crypto Valley Venture Capital (CVVC), has launched an early-stage African blockchain fund. VC is partnering with the Swiss Secretariat of State for Economic Affairs (SECO) in this endeavor, according to a statement issued by CVVC.
In the same statement, VC said the accelerator’s goal is to fund about 100 start-ups in Africa over the next four years. CVVC is already investing in 12 start-ups whose blockchain use exceeds cryptocurrencies. In addition, through the new fund, VC will continue to play a leading role.
Noting the launch of the CVVC blockchain fund, as well as the publication of the inaugural report on the African blockchain, Veronica Haller, interim commissioner 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. As data in and around the blockchain in Africa are still scarce, the first blockchain report in Africa will be an important step. And let’s bet that Africa will soon be home to its first blockchain unicorn.
Blockchain’s data-driven account in Africa
Gideon Greaves of the VC company, meanwhile, was quoted as explaining the purpose behind the publication of the first blockchain report. He said: “Our goal with the African Blockchain Report is to share a data-driven blockchain account in Africa and begin an annual comparison of comparative data on high-risk companies and solidly referenced African insights. Greaves also revealed that the report focuses on 40 African blockchain companies.
Meanwhile, in a report published in collaboration with Standard Bank, CVVC notes that Africa is “accelerating its blockchain as a transformative force for society and the economy” and how pioneers continue to increase the need for more coherent regulatory and infrastructure action. ”
The report, according to VC, also “depicts a unique holistic overview of the blockchain in Africa that will make it easier for funders to better assess Africa’s investment potential.”
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