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Kenya’s Tech Companies Attract Bitcoin Startup Billionaire
Kenyan technological firms are in for a good time as Wences Casares the founder and chief executive of Hong Kong-based Xapo said he was looking on to injecting cash for equity in viable technology firms in the country. Casares who runs a firm which affords people the opportunity of purchasing bitcoins and managing them in a digital wallet said he is scouting for investment opportunities in Kenyan technology firms with a long-term view on business.
Casares, a top bitcoin startup entrepreneur runs Hong Kong-based Xapo, affirm that enables investors to spend their digital cash (bitcoins) through a debit card. The Argentina-born techpreneur who is 44years old has started companies such as Internet Argentina which was the country’s first online internet provider and then online brokerage Patagon which he founded after selling off Internet Argentina three years after he founded it in 1994. The entrepreneur who has made a fortune from buying and selling companies said, “My biggest regret is that I have sold startups for billions of dollars. Yes, I got the money but no satisfaction because ultimate satisfaction comes from starting a company and building it to realize the vision for which it was started,” he said in Nairobi. “Starting a company and selling it is like giving birth to babies in the hope of selling them in future, which is not good.”
Casares found Kenya a fertile technical ground when he visited Nairobi to celebrate the Sh4.8 billion joint investment in Kenyan-owned digital payments firm Cellulant earlier in the month by US firms Endeavor Catalyst and Rise Fund. The chairman of Endeavor Catalyst (Kenya), a growth equity firm which buys up to 10 percent stake in start-ups of which Casares is a global member explains:
“We are also proud to have played a critical supportive role in this transaction by enabling Cellulant to connect with thought leaders in the payments space and leverage our investor connections to support the company’s fundraising,”
What do you think about the Casares’ investment in Kenya’s tech companies? Share your opinion with us in the comment section below.
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