Circle Ventures Backs Africa Blockchain Fund for Early-Stage Web3 Companies
Circle Ventures, the investment arm of Circle, has made its first foray into African early-stage Web3 companies by backing the Africa Blockchain Fund. This $20 million fund, managed by Swiss blockchain-focused VC firm CV VC, has already invested in 13 startups across five African countries since 2022. Circle Ventures initially committed $125,000 for a 7% convertible note, later adjusting it to $150,000 for a 6% note. The fund's portfolio includes companies serving tier-one clients like Standard Bank and Visa. CV VC, which manages the fund, has adjusted its investment model to better support early-stage founders in African markets. More than half of the fund's investments are in fintech, with the rest spread across sectors like agritech and travel. Some of the startups backed by CV VC include Ivorypay, Altify, TurnStay, and Shamba Records. Notably, approximately 50% of the startups in the fund's portfolio have gone on to raise further funding. CV VC plans to raise another Africa-focused fund once the current investment vehicle is fully deployed, indicating a continued interest in the region's early-stage Web3 companies. With Circle Ventures' investment, the Africa Blockchain Fund is well-positioned to continue supporting innovative startups and driving growth in the African blockchain ecosystem.
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