Cardano fund injecting $6m to support Africa’s pioneers
Investment will help entrepreneurs capitalize on lack of barriers from legacy infrastructure
25 September 2021 2 mins read
A new fund in Africa is investing $6m to finance the most innovative blockchain projects on the continent. The fund was created in recognition of the unique opportunities for innovation in Africa, which has the highest percentage of entrepreneurs of any continent.
The fund focuses on blockchain technology because the lack of deeply embedded legacy infrastructure means that African governments and businesses have fewer obstacles to adopting next-generation technology than the West. This opportunity can potentially level the global playing field when it comes to offering game-changing blockchain-based products and services.
The unique fund will offer capital to the most innovative African start-ups wishing to build on Cardano, the third-largest blockchain platform. IOHK will ensure successful projects benefit from teaching, financing, and sustained support in partnership with the fund.
IOHK works across the continent providing education and innovation in formal programming techniques. The company has a strong presence in Ethiopia – and is currently rolling out a system for verifiable education credentials to five million students and teachers in partnership with the Ethiopian government.
Having been embedded in Africa for five years and in collaboration with investment and education companies on the ground, IOHK will be well placed to ensure that the projects most needed for the region’s development get the funding and support they require.
John O’Connor, director of African operations, said: ‘Working with businesses in Africa I have encountered the most inspirational entrepreneurial spirit. At Input Output we believe in democratizing opportunity, which means giving equal access to funding to realize these innovative ideas, solving problems across the world.
‘This investment project marks a milestone in Input Output’s African development, enabling young ideas to flourish and capitalize on the opportunities provided by blockchain.’