StarkWare, the $8 billion Israeli blockchain infrastructure giant, has announced a new $4 million venture fund dedicated to supporting blockchain startups across Africa. The fund will focus on early-stage companies building solutions on StarkNet, StarkWare’s Ethereum-based decentralised application platform.
Targeting pre-seed and seed-stage startups, the fund will provide grants of up to $150,000, with the potential for follow-on investments of up to $500,000 for promising projects. Startups in West, South, and East Africa will be prioritized, particularly those operating in regions grappling with high inflation, volatile exchange rates, or low financial inclusion.
Leading the fund is Moroccan entrepreneur and investor Kheireddine Kamal, who brings a wealth of experience in business development and blockchain ventures across the African continent.
StarkWare’s goal is to empower African entrepreneurs to create scalable blockchain solutions that address local challenges. By leveraging StarkNet’s technology, the company hopes to enable startups to circumvent traditional financial systems and offer decentralized and transparent financial tools.
Said Eli Ben-Sasson, CEO and Co-Founder of StarkWare:
Blockchain presents a unique opportunity for many parts of Africa to leapfrog outdated infrastructures and democratize access to financial tools with more decentralization and transparency
Kheireddine Kamal, Head of Africa Ventures at StarkWare, added, “We are looking for projects in African countries where economic conditions such as high inflation, volatile exchange rates, or low financial inclusion make blockchain solutions particularly relevant.”
This investment highlights StarkWare’s dedication to fostering blockchain ecosystems in emerging markets and positions Africa as a key player in the evolving global digital economy.
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