cryptoknowmics.com
Celo, a blockchain protocol that aims to address some of the barriers to crypto adoption using phone numbers, has launched a new Web3 fund focused on African startups.
The Celo Africa Web3 Fund
According to a recent report from an Africa-based tech publication, the Celo Africa Web3 Fund will provide financial and technical assistance through the Celo Developer Guild to enable Web2 founders across Africa transition into Web3. Together with multiple partners, Celo has called out founders from sectors across payments, remittances, virtual assets, savings, and related financial services to apply for the Celo Africa Web3 Fund by 15 July. Celo and its partners have pledged to support shortlisted candidates to adopt a strategy and scale their businesses to achieve deeper financial inclusion, lower transaction costs and affordable credit. Commenting on the development, Daniel Kimotho, Celo's Ecosystem Lead for Kenya, said:
"Africa's crypto landscape is rapidly evolving and there are a host of opportunities for traditional startup businesses to respond to these developments. Blockchain and cryptocurrency technologies can radically transform community access to financial products and services, driving wealth and inclusion by creating entry points for people to hold and own digital assets."
Mentorship to Financial Support
Up to 50 successful applicants will secure access to equity investors, venture capital funding, technical and business mentorship, marketing support including opportunities for DEX listing. Each successful startup will also be considered to join Celo's Alliance for Prosperity, which allows for collaborations across the technology stack. Furthermore, the Celo Africa Web3 Fund will also include an in-person workshop across five African countries, led by the Celo ecosystem's Africa team.