Circle Ventures, the venture arm of the USDC issuer Circle, has announced its partnership with the Swiss-based venture capital firm CV VC to invest in early-stage blockchain companies across Africa. This collaboration is part of the $20 million African Blockchain Fund established by CV VC, specifically tailored to support innovative blockchain startups on the continent over a period extending from 2022 to 2032.
Brenton Naicker, the African principal and head of growth at CV VC, shared the news on social media, emphasizing the positive implications of Circle’s involvement for the ecosystem of blockchain entrepreneurship in Africa. He expressed enthusiasm about the partnership, stating, “Thrilled to announce that Circle Ventures has backed our CV VC African Blockchain Fund to support Web3 innovation across Africa… As stablecoins and Web3 technology continue to flourish across Africa, we remain committed to supporting pioneering founders driving change.”
While the exact financial contribution from Circle Ventures has not been disclosed, the overall fund seeks to allocate its $20 million budget over the next 8 to 10 years, with investments beginning at $100,000. The African Blockchain Fund is designed not only to provide startups with capital but also to facilitate their growth through a 10-week accelerator program that helps them refine their business models and secure additional funding.
CV VC reports that it has already made several investments in African startups and is continually expanding its portfolio. Notable beneficiaries of the fund and accelerator program include Ivorypay, a Nigerian cross-border payments firm, and Nyayomat, a blockchain credit company based in Kenya. Both startups have been recognized for their potential in revolutionizing financial transactions within their respective markets.
As blockchain technology and stablecoin applications gain traction across Africa, the collaboration between Circle Ventures and CV VC marks a significant commitment to fostering innovation in the region. The two organizations are set to work together to propel the development of Web3 technologies and support visionary founders dedicated to transforming the financial landscape and beyond.
