Cardano Launches EMURGO Africa in Kenya to Support 100 Local Startups Within Three Years

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Cardano Launches EMURGO Africa in Kenya to Support 100 Local Startups Within Three Years
Cardano Launches EMURGO Africa in Kenya to Support 100 Local Startups Within Three Years

EMURGO, the official trading organization and founding company of the Cardano blockchain, previously announced the launch of a new investment tool for the entire Cardano ecosystem that invests in early-stage startups and growth-stage companies and focuses on building Cardano, supports socially effective solutions from two independent units with different visions, EMURGO Africa and EMURGO Ventures.

EMURGO Africa to Position Cardano as the Standard Technology Platform for Africans

EMURGO Africa announced its vision and planned to position Cardano today as the standard technology infrastructure platform for Africa’s emerging industrial innovation and support 100 local startups providing financial support to the African continent within three years.

It is estimated that by 2021 the total amount of venture capital investment in African startups will be between $2.25 billion and $2.8 billion, showing that there is enormous potential for high-growth startups in the local market.

There are already well-known African companies in the African startup market, such as the New York Stock Exchange-listed e-commerce platform Jumia and several other unicorns like Flutterwave.

In terms of the African blockchain market, it is expected to represent 30% of the global blockchain market, going from a market of $1.1 billion in 2020 to a call of $134.9 billion in 2028 will grow.

The overall mission of EMURGO Africa is threefold.

  • First, establish a sustainable growth model that balances economic viability and social impact for African startups.
  • Second, building a financial infrastructure on Cardano to foster innovation and combine traditional African finance with blockchain-based decentralized finance (DeFi).
  • Third, connect Asian and African industries and share commercial resources.

To accomplish this mission, EMURGO Africa will initiate an allocation of $100 million for special investment and incubation programs.

EMURGO Africa will initially target pre-seed blockchain startups with a market value of no more than $ 20 million, then early-stage startups focusing on startup communities in Kenya, Nigeria, South Africa, and Egypt, and then the whole expansion from Africa.

EMURGO Africa’s investments will focus on blockchain areas such as DeFi and NFT and emerging technologies such as artificial intelligence, financial technology, educational technology, agricultural technology, and health technology.

To mark the official launch of EMURGO Africa and its first investment portfolio, the company has a strategic partnership with Adanian Labs, a successful pan-African venture studio and incubator, through its innovative Africa-specific incubation program for more than 15 passes and The city. closed from Entebbe, Uganda, cooperates with the use of blockchain to plan smart cities and implement industrial innovations.

EMURGO Africa also announced the establishment of a strategic partnership with Everest Ventures Group (EVG), a leading Asian blockchain venture capital studio comprised of the Rothschild family (Europe), the Hanwha Group (South Korea), Sun Hung Kai ( Hong Kong), including well-known families and businesses. Kong), etc. – Co-launched Adaverse, an accelerated plan focused on Cardano in Africa.

Through its parent company EMURGO, EMURGO Africa offers its portfolio companies and strategic partners four unique value propositions:

  • Blockchain education content and resources

EMURGO’s education department has worked with more than 20 universities worldwide and has successfully trained 2,500 blockchain-enabled students to date.

  • Development of customized blockchain solutions;

Provide startups with the support and technical expertise needed to build solutions on Cardano. For example, EMURGO Trace – a business traceability solution – is manufactured on-site at more than five coffee companies worldwide.

  • Growth support:

Leverage the incubation know-how and experience of EMURGO in dLab (a blockchain acceleration program in collaboration with SOSV) to provide startups with the resources they need for funding, global marketing, and product development.

  • Accessibility to Cardano and industrial partners:

Offer direct access to the Cardano ecosystem via Yoroi Wallet, Cardano’s official light wallet with 700,000 downloads, Astarter, the Cardano DeFi ecological project.