Circle Ventures Backs CV VC's $20M African Blockchain Fund
Circle Ventures, the investment arm of USDC issuer Circle, has joined CV VC's $20 million African Blockchain Fund as a limited partner. The fund, which operates mainly in US dollars, aims to support African blockchain startups over the next decade.
The African Blockchain Fund, CV VC's early-stage vehicle dedicated to African blockchain startups, has received an undisclosed contribution from Circle Ventures. The fund targets investments starting at $100,000 and has a planned lifespan of up to 10 years.
Startups selected for funding will also gain access to a 10-week accelerator program designed to strengthen their operations and attract further investment. CV VC has previously invested in several African countries, including Nigeria-based cross-border payments company Ivorypay and Kenyan blockchain credit firm, Nyayomat, with some also participating in its global nine-week accelerator.
Circle Ventures' backing of the African Blockchain Fund signals growing interest in African blockchain startups. The fund's focus on early-stage investments and accelerator program aims to foster growth and attract more investment in the region.
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