African startup raises $6 million from pre-Series A funding round

The Africa Blockchain Lab recently said it raised $6 million from a pre-Series A investment round and that it will use the capital to fund the launch of an encrypted portfolio.

Increase cryptocurrency adoption

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 and African venture capital firms such as Lateral Frontiers VC, CRE. and Musha Ventures.

Global investors who 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 report by Tech Space Africa, the startup plans to use the capital raised to fund the launch of its encryption portfolio known as Vibra. The report also quotes Africa Blockchain Lab co-founder Vincent Li who explains the startup’s mission and how it will use the financial support it has received to drive cryptocurrency adoption across the African continent. He said:

With the support of our strategic investors, we aim to bring piles of world-class technology, projects and innovation to the African continent, starting with our first VIBRA product.

Inclusive financial ecosystem

Meanwhile, the same report quotes Steven Grin of Lateral Frontiers as explaining why the venture capital firm participated in the pre-Series A round. He also highlighted his firm’s belief that “cryptocurrencies can realize their potential as a technology. on the mainland”.

Pardon Makumbe, managing partner of CRE Venture Capital, said: “We believe that Africa has a generational opportunity to build a more collaborative and inclusive financial ecosystem using decentralized technologies where all players are winners.”