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African startup raises $6 million from pre-series funding round – Emerging Markets
Africa Blockchain Lab recently announced that it has raised $6 million from a pre-Series A investment round and will use the capital to fund the launch of a crypto wallet. Driving Cryptocurrency Acceptance An African crypto startup, Africa Blockchain Lab, recently confirmed that it has raised $6 million from a pre-Series A investment round. The round was led by a consortium of global and African venture capital firms including Lateral Frontiers VC, CRE Venture Capital and Musha Ventures. Global investors that participated in this round include Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza…
African startup raises $6 million from pre-series funding round – Emerging Markets
Africa Blockchain Lab recently announced that it has raised $6 million from a pre-Series A investment round and will use the capital to fund the launch of a crypto wallet.
Promote cryptocurrency acceptance
An African crypto startup, Africa Blockchain Lab, recently confirmed that it has raised $6 million from a pre-Series A investment round. The round was led by a consortium of global and African venture capital firms including Lateral Frontiers VC, CRE Venture Capital and Musha Ventures.
Global investors that participated in this round include Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital and Despace.
According to a Tech Space Africa Test report, the startup plans to use the capital raised to fund the launch of its crypto wallet called Vibra. The report also quotes Africa Blockchain Lab co-founder Vincent Li explaining the startup's mission and how it will use the financial support it receives to drive cryptocurrency adoption across the African continent. He said:
With the support of our strategic investors, we intend to bring world-class technology stacks, projects and innovations to the African continent, starting with our first product VIBRA.
Inclusive financial ecosystem
The same report, meanwhile, quotes Lateral Frontiers' Steven Grin explaining why the venture capital firm participated in the pre-Series A round. He also highlighted his firm’s belief that “crypto can fulfill its potential as a technology and asset on the continent.”
Pardon Makumbe, Managing Partner at CRE Venture Capital, said: “We believe Africa has a generational opportunity to use decentralized technologies to build a more collaborative and inclusive financial ecosystem where all players are winners.”
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