The blockchain industry in Africa is exploding with a lot of startups coming up from year to year. These startups that are impacting several aspects of the continent are being supported by funding series led by a list of venture capital firms. In 2022, out of $3.14 billion raised in 570 deals, $474 million was for blockchain firms.
According to a report by CV VC, these funds raised for blockchain firms have been by a series of twenty top investors that have closed at least a publicly disclosed funding deal with an African blockchain business as a recipient of the funding:
4Di Capital
4Di Capital is a venture capital firm established in South Africa that invests in early-stage technology firms. 4Di Capital plays a critical role in assisting early-stage digital firms in South Africa and worldwide in scaling their businesses and achieving their growth goals.
It also helps to grow the startup ecosystem in South Africa and Africa as a whole. 4Di Capital is assisting in driving good change and opening doors for businesses in the region.
Catalyst Fund
Catalyst Fund is a worldwide venture capital firm that invests in early-stage businesses to find creative solutions to critical rising market issues. Catalyst Fund has invested in various African firms, including WellaHealth, a Nigerian health tech startup, Lulalend, a South African financial startup, and Turaco, a Kenyan agritech startup.
Catalyst Fund has contributed to the expansion of Africa’s startup ecosystem through its investments and assistance, and it has also played an important role in increasing financial inclusion in the area. Overall, Catalyst Fund’s investments in African companies have contributed to the good transformation and the creation of possibilities for entrepreneurs in the area.
Chandaria Capital
Chandaria Capital is a Nairobi, Kenya-based venture capital company that makes investments in early-stage entrepreneurs in Africa. It has invested in various African firms, including FarmDrive, a Kenyan fintech startup, Jamii Africa, a Tanzanian health tech startup, and Thrive Agric, a Nigerian agritech startup.
Chandaria Capital has helped the startup ecosystem in East Africa and the whole continent thrive by investing in and supporting firms that are tackling significant problems in industries like agriculture, healthcare, and finance. Additionally, it has aided in fostering business and innovation in the area.
CV VC
CV VC is a venture capital business with a headquarters in Switzerland that makes investments in blockchain and cryptocurrency firms all around the world. It has investments in African firms operating in the blockchain and cryptocurrency sectors, including the blockchain startup Xend Finance, located in Nigeria.
These investments assist firms striving to address important financial and healthcare concerns while fostering innovation and entrepreneurship in the area.
Endure Capital
Endure Capital is a Silicon Valley-based venture capital business that invests in early-stage firms all across the world, including those in Africa. Endure Capital has supported a number of African firms, including the South African agritech startup Aerobotics, the Kenyan health-tech startup Ilara Health, and the Nigerian finance startup Flutterwave.
Endure Capital has helped the startup ecosystem in Africa, especially in nations like Nigeria, Kenya, and South Africa, by making investments and providing support. Additionally, it has aided in fostering business and innovation in the area.
Flat6labs
Flat6labs is an Egyptian venture capital business that invests in early-stage firms in the Middle East and North Africa (MENA) area, including Egypt, Tunisia, and the United Arab Emirates. The business provides finance, coaching, and assistance to entrepreneurs with the ability to provide creative solutions to significant regional concerns.
Flat6labs has invested in various African firms, mainly in the financial and e-commerce industries. Flat6labs has made noteworthy investments in Nigeria-based financial firm Wallets Africa and Egypt-based e-commerce platform Homzmart.
Founders Factory Africa
Founders Factory Africa is another venture development firm that helps African entrepreneurs grow and scale their businesses. The business provides startup finance, coaching, and assistance in industries such as fintech, health tech, and agri-tech. The mission of Founders Factory Africa is to find and nurture innovative entrepreneurs with the ability to effect good change and create value in the African market.
Founders Factory Africa has made multiple investments in African firms, including Ukheshe, a fintech startup headquartered in South Africa, and Tambua Health, a health-tech venture located in Kenya.
Golden Palm Investments
Golden Palm Investments is a Ghanaian-based venture capital business that supports West African entrepreneurs. The business focuses on fintech, e-commerce, and healthcare, and it provides finance and assistance to entrepreneurs with the ability to drive innovation and generate value in the region.
Golden Palm Investments has multiple investments in African firms, including Zeepay, a Ghana-based finance startup, and Jumia, a Nigeria-based e-commerce platform.
Greenhouse Capital
Greenhouse Capital prides itself as a venture capital firm established in Nigeria that invests in early-stage entrepreneurs in Nigeria and beyond Africa. Greenhouse Capital targets finance, e-commerce, and logistics firms while providing investment and support to companies tackling critical difficulties in these industries.
Greenhouse Capital has made multiple investments in African firms, including Kobo360, a logistics startup located in Nigeria, and Yoco, a financial startup based in South Africa.
Ingressive Capital
Another Nigerian-based VC firm is Ingressive Capital. Ingressive Capital provides support for early-stage entrepreneurs in Nigeria and beyond Africa. The VC firm invests in, mentors, and supports entrepreneurs tackling critical issues in the fintech, edtech, and health tech industries.
Ingressive Capital specializes in discovering and fostering emerging entrepreneurs with the potential to provide creative solutions to significant African market concerns. The company has invested in various African firms, including Nigerian finance startup Paystack and Ghanaian ed-tech startup KudiGo.
Knife Capital
Knife Capital is a South African venture capital firm that invests in businesses around Africa. The business focuses on fintech, enterprise software, and cybersecurity, and it provides finance and support to entrepreneurs with the ability to generate value and drive innovation in these industries.
Quicket, a South African corporate software startup, and Payitup, a Zimbabwean fintech startup are some of the firms that have received funding from Knife Capital.
Launch Capital
Launch Capital is a Nigerian venture capital firm that invests in early-stage entrepreneurs in Nigeria and beyond Africa. Fintech, e-commerce, and logistics companies benefit from capital, mentorship, and assistance from the firm. Launch Capital identifies and nurtures innovative entrepreneurs with the potential to drive innovation and generate value in the African market.
The business has released investments in African firms, such as Flutterwave, a Nigeria-based fintech startup, and Jetstream, a Ghana-based e-commerce platform.
Mest Africa
Ghana-based MEST Africa is an incubator and venture capital organization that finances tech companies in Ghana and all of Africa. Startups in industries including finance, e-commerce, and healthcare can benefit from the company’s investment, mentoring, and assistance.
Due to its access to a variety of resources, including a pan-African network of mentors, business support services, and its own incubation program, MEST offers a distinctive investment approach. MEST has invested in a number of African businesses, including mPharma, a health-tech company located in Ghana, and Lidya, a finance company based in Nigeria.
Mexc Global
Mexc Global is a Nigerian venture capital business that invests in companies in Nigeria and beyond Africa. They invest in, and support fintech, agri-tech, and healthcare businesses.
Mexc Global is particularly interested in assisting businesses that are tackling critical African market concerns such as access to finance, healthcare, and food security. Cowrywise, a Nigerian finance startup, and Apollo Agriculture, a Kenyan agri-tech venture, are some of its recipients.
Microtraction
Microtraction is a Nigerian venture capital business that invests in early-stage entrepreneurs in Nigeria and beyond Africa. The business provides startup finance, coaching, and assistance in industries such as fintech, health tech, and edtech.
Microtraction focuses on discovering and fostering innovative entrepreneurs with the potential to promote innovation and value creation in the African market. The VC firm has invested in various African firms, including Nigerian fintech startup Bankly and Ghanaian ed-tech venture uLesson.
Prosus
Prosus is a multinational online and media conglomerate operating in over 130 countries, including Africa. The focus of Prosus is in technology firms with the potential to create value in the African market, notably in e-commerce, finance, and online classifieds.
Prosus has invested in African firms, including Takealot, a South African e-commerce site, and Cellulant, a Kenyan finance startup.
Raba
Raba is a South African venture capital firm that invests in businesses in South Africa and around Africa. Fintech, e-commerce, and health-tech firms benefit from investment, mentorship, and assistance from the Raba.
Raba is particularly interested in assisting businesses that are solving critical concerns in African markets like access to financing and healthcare. The firm has made multiple investments in African firms, including Yoco, a financial startup headquartered in South Africa, and mPharma, a health-tech venture located in Ghana.
Savannah Fund
Savannah Fund is a Kenyan venture capital organization that invests in entrepreneurs in East Africa and beyond Africa. Fintech, e-commerce, and logistics companies are the key benefactors of Savannah Fund.
Savannah Fund takes a unique approach to investment in that it provides entrepreneurs with a network of mentors, business support services, and access to its own accelerator program. The business has investments in African companies, including Sendy, a logistics startup headquartered in Kenya, and Kudi, a finance startup located in Nigeria.
Venture Platform
Venture Platform with a strong presence in Nigeria is a venture capital organization that invests in early-stage firms in Nigeria, Africa, and beyond. Fintech, ed-tech, and healthcare businesses benefit from investment, mentorship, and assistance from the firm.
Venture Platform has a special emphasis on finding and fostering outstanding entrepreneurs with the potential to drive innovation and value creation in the African market.
Paystack and Kenyan ed-tech startup M-Shule are among the few startups that have enjoyed support from the VC.
Conclusion
Adaverse is another VC firm that has shown interest in African Web3 startups. Africa is showing a stronger affinity for business growth especially in the blockchain space. The continent is a major force in the world when it comes to the number of users of cryptocurrencies and Web3 products. As more Web3 startups are created to solve societal problems using blockchain technology, it provides an opportunity for VC firms to invest in early-stage businesses.
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