Lagos-based VC firm EchoVC, a technology-focused early-stage VC firm focused on investing in underrepresented founders and underserved markets, has launched EchoVC Chain, a US$8 million “pilot” blockchain-focused seed fund.

EchoVC, which says its mission is to be “the Sequoia Capital for underestimated founders and markets”, has invested in almost 40 companies across various markets worldwide, and made its first investment in the blockchain segment in 2021.

EchoVC Chain is a US$8 million pilot seed fund focused on making investments in founders and startups that span EchoVC’s specific areas of interest. The company has been excited with two capabilities of blockchain – the ability to abstract or tokenise, and the ability to scale autonomously.

“The second layer above this targets blockchain functionality. DeFi functionality can be leveraged in Africa for innovative financial products improving access to credit and savings, or perhaps powering new-age decentralized neobanks. NFTs can serve to foster the creator economy for the rising Gen-Z, enable games to provide new ways to earn, or even fractionalise real-world assets and portfolios to lower affordability barriers to investments.”

Thirdly, EchoVC is excited about the prospects of DAOs, not just for their ability to scale autonomously, but also to organise human networks.