EMURGO – the official commercial arm and a founding entity of the Cardano blockchain – previously announced the launch of a new wholly-owned Cardano ecosystem investment vehicle to invest into early startup and growth stage companies focused on building socially impactful solutions powered by Cardano, through two separate entities with distinct visions, EMURGO Africa and EMURGO Ventures.
EMURGO Africa announced today its vision and plans to position Cardano as the standard tech infrastructure platform for Africa’s emerging industrial innovation and support 100 local startups within three years, which will bring financial empowerment to the continent.
Venture capital investments in African startups is expected to total between $2.25 billion to $2.8 billion in 2021, indicating a large potential for high-growth startups in the local market.
The African startup market already has notable African companies such as Jumia, a NYSE-listed e-commerce platform, and several other unicorns such as Flutterwave.
In terms of Africa’s blockchain market, it is projected to possess a 30% market share of the global blockchain market and grow from a $1.1 billion market in 2020 to a $134.9 billion market by 2028.