The pan-African venture capital firm, Echovc, recently said it had launched an $8 million fund which is dedicated to Africa’s blockchain startups. According to the company’s blog post, the fund known as the Echovc Chain will be accessible to startups that are attempting to solve the continent’s challenges using the blockchain.
The Techcabal report 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.
(By Terence Zimwara)
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