EchoVC, a Lagos-based venture capital firm, has launched an $8 million seed fund called EchoVC Chain. The fund aims to invest in blockchain startups in Africa, with a focus on underrepresented founders and underserved markets. EchoVC has already invested in almost 40 companies across various markets worldwide, with its first blockchain investment coming in 2021.
The EchoVC Chain Fund will be looking to invest in fintech infrastructure, decentralized finance, and DAOs. Specifically, the fund is interested in startups that leverage stablecoins to optimize payments, liquidity, and treasury, as well as those that explore the unbundling and delivery of crypto/fintech building blocks. EchoVC is also excited about the prospects of DAOs, not just for their ability to scale autonomously but also to organize human networks.
In addition, EchoVC plans to explore emerging blockchain aspects such as digital identity, privacy, decentralized infrastructure edge nodes, and agile supply chains, as well as a possible future intersection between AI/ML and DAOs. The firm is also excited about the advent of central bank digital currencies (CBDCs), which it sees as a way to remove friction in access to financial products, streamline cross-border payments, and enable programmable local money.
EchoVC's focus on underrepresented founders and underserved markets is particularly noteworthy given the lack of diversity in the tech industry. By investing in blockchain startups in Africa, the fund aims to provide much-needed capital to talented entrepreneurs who might otherwise struggle to secure funding.
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