The Echovc Chain blockchain fund will be accessible to startups that attempt to solve the continent’s challenges using the blockchain. startup fintech
The Africa-focused venture capital firm, Echovc, has launched a fund that seeks to support blockchain startups on the continent. While global blockchain funding has been on a decline over the past year, Echovc founder Eghosa Omoigui claimed that investing now enables the VC to get in “at lower entry valuations on average than in prior years.”The pan-African venture capital firm, Echovc, recently said it had launched an $8 million fund which is dedicated to Africa’s blockchain startups.
As noted in a report by Techcabal, Echovc’s new fund has been launched at a time when global funding for crypto and blockchain startups has been declining. The drop in funding has alreadyYet, despite this plunge in funding, Eghosa Omoigui, the founder and general managing partner at Echovc, is quoted in the report suggesting that now is the ideal time to fund startups because doing so allows the VC “to invest at lower entry valuations on average than in prior years.
While this has somewhat reduced VC appetite for crypto investing, we continue to remain excited about the useful applications of crypto and blockchain in Africa, and believe that crypto founders in Africa will continue to build for functionality to solve problems in Africa. Meanwhile, the Techcabal report also revealed that Echovc has deployed over $41 million across 36 startups globally. In Africa, the VC firm has mainly targeted startups in the so-called underserved markets such as Kenya, Nigeria, South Africa, and Uganda. Startups that leverage blockchain to power foundational fintech infrastructure are among the firms being targeted. Firms focused on blockchain functionality and decentralized autonomous organizations also qualify for funding.
According to Echovc, once the funds are fully deployed, its portfolio of companies will have increased to between 12 and 20 companies.Tags in this story
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Audi CEO Is Focused On Fully-Electric Future And U.S. Production TimelineTimelines for a complete conversion to battery electric vehicles and a decision on whether to build vehicles in U.S. to meet Inflation Reduction Act requirement have been set by Audi AG, are among the items the German automaker's CEO revealed in an interview Thursday.
Read more »
‘The Act of Killing’ Producer Spring Films Sets Joint Venture With Media Fund APX GroupLondon-based Spring Films, producers of Oscar nominated and BAFTA-winning 2012 documentary “The Act of Killing,” has signed a joint venture and partnership agreement with U.S.-Europe me…
Read more »
TV series focused on locally-grown food returns to airwaves for third seasonDuring filming of the third season of Flat Out Food, Jenn Sharp traveled to a salt mine, a rural craft brewery, an orchard and joined the wild rice harvest in northwest Saskatchewan. FlatOutFoodTV
Read more »
'Wartime mode': Inside a Canadian venture capital firm during the SVB stormSilicon Valley Bank\u0027s collapse had Canadian startups and venture capital firms scrambling to brace for the fallout. Read how it went down.
Read more »
Gold Fields, AngloGold rule out merger after Ghana joint-venture dealGold Fields and AngloGold Ashanti are not considering a full-scale merger after they agreed to combine their neighbouring Tarkwa and Iduapriem mines in Ghana to create Africa's biggest gold mine, the two companies said on Thursday.
Read more »
Audi CEO Is Focused On Fully-Electric Future And U.S. Production TimelineTimelines for a complete conversion to battery electric vehicles and a decision on whether to build vehicles in U.S. to meet Inflation Reduction Act requirement have been set by Audi AG, are among the items the German automaker's CEO revealed in an interview Thursday.
Read more »