The Celo Foundation recently announced a Web3 fund for African startups to scale their operations. Named Celo Africa Web3 Fund, the initiative is open to every Africa-based startup.
However, projects with African residents as founders will receive a preferential review for the fund. Celo has been gradually expanding its regional presence, targeting multiple verticals, including savings, lending, remittances, and payments.
In addition, the platform has conducted multiple meet-ups with local developer communities. It has also established connections with pioneers and ambassadors for pilot projects aiming at DeFi lending and microwork.
Some pilot partners include Kotani Pay (African off-ramp), Cinch Markets (AgTech farming ecosystem developer), and Mercy Corps Ventures. Daniel Kimotho, Celo Foundation’s Kenya Lead, discussed the latest development.
According to Kimotho, the crypto domain in Africa has been expanding exponentially. The region is brimming with numerous opportunities for traditional startups to address these advancements.
Crypto and blockchain technology can drastically transform community access to financial services, bringing inclusion and wealth. It can be done by establishing entry points for new and existing users to own and store digital assets, added Kimotho.
With the help of Celo Africa Web3 Fund, startups can interact with renowned venture capital firms. These VC firms are Echo VC, Unicorn Growth Capital, Flori Ventures, and Uncovered Fund.
At the same time, the Celo Developer Guild will propose technical assistance to the startups. Additional benefits will include mentorships, marketing support, and in-person workshops. Applicants can also get a membership for Alliance for Prosperity by Celo. It will allow them to collaborate with similar-minded companies, expanding financial inclusion and social impact on Celo.
Celo held a workshop back in July hosted by its African ecosystem team. The event introduced the Web3 Fund to the 40 startups at the venue. Names like Efoyomi Carr from Flourish Ventures, Duncan Muchangi from Unicorn Growth Capital, and Tsendai Chgwedra from Echo VC were present as panelists.
The event generated quite a buzz, helping Celo reach numerous startups in Africa. Seeing the pace at which the organization is prospering in the region, its Web3 Fund is sure to assist several market leaders.