Swiss VC Launches African Blockchain Early Stage Fund

Swiss VC Launches African Blockchain Early Stage Fund

Swiss venture capital firm, 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.

Blockchain Uses Beyond Cryptocurrency

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 endeavour, a statement released by CVVC said.

The VC has explained the objective is to fund some 100 startups from Africa in the next 4 years. Already, CVVC has invested in 12 startups whose blockchain uses 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 affairs 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. Let’s bet that Africa will soon be home to its first blockchain unicorn."

‘Data-Driven Account’ of the Blockchain in Africa

Gideon Greaves of CVVC 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.

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.”