Crypto Valley VC Launches $20M Africa Blockchain Fund II, Backing Fintech Startups
Crypto Valley VC, a Swiss blockchain-focused VC firm, has launched the second Africa Blockchain Fund with $20 million. The fund, managed by CV VC, is investing in early-stage blockchain startups across Africa, with a focus on fintech and other sectors. So far, it has invested in 13 startups from five African countries.
The fund has seen early success, with approximately 50% of its portfolio startups going on to raise further funding. For instance, Ivorypay, a Nigerian startup, has processed over $100 million in total payment volume and raised follow-on capital. TurnStay, a South African tourism and travel payments company, closed a $2 million seed round in July. The fund's portfolio also includes companies serving tier-one clients like Standard Bank and Visa, and their work has been recognized globally. Altify, a South African alternative investment platform, has attracted over 70,000 users and manages over $20 million in assets.
The fund initially committed $125,000 for a 7% convertible note, but later adjusted to $150,000 for a 6% note due to challenges faced by African founders. Circle Ventures, the venture arm of Circle, a stablecoin issuer, joined the Africa Blockchain Fund as an investor in September.
With more than half of its Web3 investments in fintech, the fund is also spreading its capital across agritech, travel, and other sectors. The Africa Blockchain Fund is expected to continue supporting African blockchain startups and driving innovation in the continent's tech ecosystem.
Read also:
- Web3 gaming platform, Pixelverse, debuts on Base and Farcaster networks
- Cannabis-Focused CTV Channel Citizen Green Launches for Global Streamers
- Goodyear in 2025: Advancement in Total Mobility through the Launch of Kmax Gen-3 by Goodyear
- Boston Metal pioneers route to commercial production for eco-friendly steel method
