Circle Ventures Backs CV VC's $20M African Blockchain Fund
CV VC, a Swiss venture capital firm, has secured a significant boost for its African Blockchain Fund. Circle Ventures, the investment arm of USDC issuer Circle, has joined as a limited partner, backing the fund's $20 million target. The fund, launched in 2022, aims to invest in early-stage African blockchain startups.
The African Blockchain Fund will provide investments starting from $100,000, with a planned lifespan of up to 10 years. It offers more than just capital; startups gain access to a 10-week accelerator program designed to strengthen their operations and attract further investment. CV VC has already invested in multiple African companies, including Ivorypay and Nyayomat, with some having participated in its accelerator.
Brenton Naicker, CV VC's African principal and head of growth, announced Circle's backing of the fund on social media. Circle Ventures' exact contribution to the fund remains undisclosed. The fund's founders and leaders include Mathias Ruch (CEO), Olaf Hannemann (CIO), and Ruth Salvisberg, who joined as Head of Operations and Finance as the company expanded its management board.
With Circle Ventures' backing, the African Blockchain Fund is well-positioned to support African blockchain startups. The fund's combination of capital and accelerator program is set to strengthen the African blockchain ecosystem and foster innovation.
