Israeli blockchain powerhouse StarkWare has unveiled a $4 million fund to fuel the growth of African blockchain startups, recognising the continent’s rapid embrace of decentralised technology.
Boosting Africa’s Blockchain Future
The investment initiative targets pre-seed and seed-stage startups, particularly those leveraging StarkNet, StarkWare’s Layer 2 scaling platform on Ethereum. Selected startups could receive up to $150,000 in grants, with the possibility of larger investments reaching $500,000 for standout projects.
StarkWare’s Head of Africa Ventures, Kheireddine Kamal, highlighted the fund’s focus on African nations grappling with economic instability. “We are looking for projects in African countries that have economic conditions such as high inflation, unstable exchange rates, or low financial inclusion, with a local population interested in blockchain.”
By supporting projects built on StarkNet, the company aims to provide African businesses with scalable, cost-efficient alternatives to traditional financial systems.
StarkWare’s Strategic Bet on Africa
Africa’s digital economy is growing at a staggering rate. With a youthful population projected to hit 2.5 billion by 2050 and business spending expected to reach $6.7 trillion by 2030, blockchain technology is increasingly seen as a solution to outdated financial infrastructures.
Eli Ben-Sasson, StarkWare’s CEO and co-founder, believes blockchain can drive financial inclusion. “Blockchain presents a unique opportunity for many parts of Africa to leapfrog outdated infrastructures and democratize access to financial tools with more decentralization and transparency.”
Founded in 2018, StarkWare has been at the forefront of blockchain scalability. Its flagship products include StarkEx, a transaction aggregation engine that enhances efficiency, and StarkNet, a decentralised network designed to power dApps with lower transaction fees.
Kamal also pointed out StarkNet’s potential for expansion beyond Ethereum, stating, “StarkNet is a particularly interesting path to blockchain, as it is currently a Layer 2 over Ethereum and plans to also operate over Bitcoin. This can be great for Africa as it can mean that the ‘scaling squared’ approach also means a ‘liquidity squared’ approach.”
As StarkWare deepens its investment in Africa, the company is set to empower a new generation of startups, reshaping the continent’s digital finance landscape.
