StarkWare launches $4m venture fund to support African blockchain projects
To support creative blockchain solutions in Africa, StarkWare, the development company behind the industry-leading Ethereum scaling solution Starknet, is establishing a US$4 million venture fund.
Zero-knowledge proof technology is used by the blockchain technology startup StarkWare. With investors like Sequoia and Coatue Management supporting it, the company is valued at US$8 billion and most recently raised US$100 million in a Series D investment.
Under the direction of Moroccan investor and entrepreneur Kheireddine Kamal, the company’s US$4 million Africa-focused venture fund will support small teams that are in the pre-seed or seed phases and intend to launch their businesses on Starknet.
More sophisticated companies can apply for grants of several hundred thousand dollars, while early-stage firms can seek for awards of up to US$150,000. In the end, StarkWare will evaluate all grantees for investment, usually up to US$500,000 but occasionally for larger sums.
According to Kamal, the fund is seeking blockchain-focused projects in African nations with local populations interested in the technology and economic circumstances that could spur adoption, such as high inflation, volatile exchange rates, or a lack of financial inclusion.
Talk about benefits for Africa and financial inclusion for the unbanked has never progressed past virtue signaling for a large portion of the blockchain sector. We’ve made the decision that the next stage is imminent, and we’re acting on it,” he stated.
Web3 is more than simply a new technology to Africa; it’s the continent’s key to independence. For someone in London or New York, where blockchain is a nice-to-have, we’ll see use cases that don’t arise. They will emerge from the necessity.
Since Starknet is already an L2 over Ethereum and intends to function over Bitcoin as well, he continued, it is an especially intriguing route to blockchain.
“Africa may benefit greatly from this since it may indicate that the “scaling squared” strategy also entails a “liquidity squared” strategy,” Kamal stated.
South Africa, East Africa, and several West African nations are among the targeted regions. According to Kamal, this project guarantees that African builders have the resources to carry out their idea and the assistance required to scale internationally by fusing money, mentorship, and extensive technical knowledge.
