African Startup Raises $6 Million From Pre-Series A Funding Round

Africa Blockchain Lab recently said 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 Adoption of Cryptocurrencies

An African crypto startup, Africa Blockchain Lab, recently confirmed it has received $6 million from a pre-Series A investment round. The round was led by a consortium of global as well as African venture capital firms like Lateral Frontiers VC, CRE Venture Capital, and Musha Ventures.

Global investors that took part 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 report, the startup is planning to use the capital raised to fund the launch of its crypto wallet known as Vibra. The report also quotes Africa Blockchain Lab’s co-founder, Vincent Li, who explains the startup’s mission and how it will use the financial backing it has received to drive the adoption of cryptocurrencies across the African continent. He said:

With the backing from our strategic investors, we intend to bring world-class tech stacks, projects and innovation to the African continent, starting with our first product VIBRA.

Inclusive Financial Ecosystem

Meanwhile, the same report quotes Steven Grin of Lateral Frontiers explaining why the venture capital firm participated in the pre-Series A round. He also highlighted his firm’s belief that “crypto can realize 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 build a more collaborative and inclusive financial ecosystem using decentralized technologies, in which all players are winners.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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