With the aim of supporting an inclusive financial system that contributes to prosperity for all, the platform blockchain focused on smartphone phones Zeal, launched a new program to support African startups in payments, remittances, virtual assets, savings and related financial services.
The Celo Africa Web3 Fund will help provide financial investments through its Ventures Capital (VC) partners and technical assistance through the Celo Developer Guild and technical partners such as Tatum and Ape Unit. This will enable Web2 founders across Africa to strategize and scale their businesses to achieve deeper financial inclusion, lower transaction costs and more accessible credit.
"Africa’s crypto landscape is rapidly evolving and there are a number of opportunities for traditional startup companies to respond to these developments,” said Daniel Kimotho, Celo's ecosystem lead for Kenya. 🇧🇷Blockchain and cryptocurrency technologies can radically transform community access to financial products and services, driving wealth and inclusion, creating entry points for people to hold and own digital assets.".
Along with several partners including Unicorn Growth Capital, Ape Unit, Echo VC, Uncovered Fund and Flori Ventures, Celo has launched an open call for Web2 funders from the payment, remittance, crypto, savings, lending and related financial services sectors. with an interest in crypto to apply for the Celo Africa Web3 Fund.
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In an official statement, Celo and its partners promise to support selected candidates to facilitate their transition to Web3.
"Pan-African startups and companies regularly face scaling challenges navigating different regional currencies, expensive payment and billing infrastructure, and capital controls in some markets. Decentralized finance (DeFi) is a viable solution, which is where the Celo ecosystem comes in.“, stressed Kimotho.
Up to 50 successful applicants in each key country will secure access to equity investors, venture capital funding, technical and business mentoring, marketing support and decentralized exchange listing opportunities. Each successful startup will also be considered to join the Celo's Alliance for Prosperity, which enables collaborations across the technology stack, resulting in integrated solutions that best meet the needs of users around the world.
The Celo Africa Web3 Fund will include a face-to-face workshop in five African countries, led by the Celo Africa ecosystem team. The first workshop took place in Nairobi (Kenya) on July 26th, bringing together venture capital and technology partners Unicorn Growth Capital, Ape Unit, Echo VC, Uncovered Fund, Dream VC and Flori Ventures. Additional workshops will follow in Uganda, Nigeria, Ghana and South Africa between July and November 2022.
The Celo Africa Web3 Fund builds on Celo's active presence in several African countries, where Celo is engaged with local developer communities, and where it has run pioneering pilots in the areas of microwork, micropayments and lending DeFi, along with international and local partners such as Mercy Corps Ventures, Cinch and Kotani Pay.
For more information on how your startups can apply for the fund, click on here.
