Hello crypto friends, we will be now doing these data deep dives every week! So don’t forget to subscribe to get them as soon as they drop! 💫
We all knew that exchanges dominated so it’s not too surprising that they accounted for 38.7% of all funding received (over $129m) in this time period. What is more surprising is the amount raised by venture studios. There were actually only 2 venture studios that publicly declared fundraising amounts but their rounds were sizeable 🐋. Let’s break these down 🥁:
Africa Blockchain Lab (VIBRA) ($6m, pre-series A): Considering the average raised at pre-series A is $3.5m & $2.7m for seed, this is quite a large amount. Founded by Vincent Li with investors including Dragonfly Capital, Hashkey Capital & CRE Venture Capital, the Lab launched VIBRA.
Nestcoin ($6.45m, seed): Whilst Nestcoin is no longer a venture studio, by every definition it was. Nestcoin previously invested in companies including Lazerpay & had a number of incubated projects - 2 of these remain. Onboard & Metaverse Magna (MVM, which has spun out into its own company). Founded by
& Taiwo Orilogobon, the company boasts gCC & Raba Capital as investors.
*’Others’ include crypto companies categorised in the following verticals: Security & Privacy, NFTs, Network State, Security & Privacy DAO & DAO Tooling, Education & Talent, Protocols & L1/L2s
This data is pulled from the Emerging Onchain deal database, which lists 140+ fundraising rounds, the amount raised by different African startups, when and from which VCs. All the data has been manually curated from public announcements and from information shared with me by VCs.