Despite the decline in global funding for blockchain and crypto startups, Echovc is determined to make a difference on the African continent. The company’s founder, Eghosa Omoigui believes that investing now will enable them to get “at lower entry valuations on average than in prior years.”
Echovc has set out ambitious goals with its new fund as it targets early stage companies from across Africa that are building solutions using blockchain technology. According to TechCabal, some of these include firms working on areas such as identity management, payments infrastructure development and digital asset trading platforms among others.
By launching this fund which focuses solely on startups offering blockchain-based solutions ,Echovc is looking forward to supporting entrepreneurs who have innovative ideas but lack accesses or resources necessary for their projects take off . This move could potentially open up opportunities not just for investors but also those interested in developing products and services based upon distributed ledger technology (DLT).
As venture capital investments continue into 2023 ,it appears that despite the dip in overall funding we can expect more initiatives like this one by Echocvc which seeks support businesses seeking alternative finance sources such as venture capital funds .