African blockchain VC funding increased by 429%

Switzerland & South Africa. 18 April 2023. CV VC’s second African Blockchain Report 2022 affirms the transformational impact of blockchain in Africa, on the welfare of nations and the continent's technology standing. Africa is the only global region to have experienced increased venture funding and an explosion in blockchain-specific funding. Cementing the fact that the technology is impacting African lives, well-being, and the continent's resilience.


African blockchain venture funding increased by 429%, outpacing global blockchain funding which grew 4%


  • African venture funding grew by 34% to $3.14b as global funding fell 35% to $415b
  • $26.8b was raised globally across blockchain deals, up 4%
  • $474m was raised in Africa across blockchain deals, up 429%
  • African blockchain funding far outpaces the growth seen in general African venture funding (429% vs. 34%) showing over 12.5 times the level of growth on a YoY basis
  • Blockchain achieved a 15% share of all venture funds in Africa
  • Africa now represents 1.8% of all global blockchain funding, up from 0.3%
  • Custody & Exchanges was the highest-funded category in Africa with a 52% share
  • Africa has its first blockchain headquartered Unicorns, Kucoin, and Scroll

Africa - outpaces global metrics

Blockchain venture funding, as a percentage of all venture funding, is on the rise globally (6.5%). In Africa, blockchain funding achieved a record 15% share of all sector-agnostic venture funds raised by the continent, more than double the global average, highlighting the continent's continued emergence as a vital blockchain-based startup investment destination. Thus, recognizing the need for benchmarkable, ongoing information about blockchain's impact in Africa, CV VC is proud to present the second edition of The African Blockchain Report 2022.

Africa's blockchain drivers - brilliant mindset, necessity & impact

The number of African blockchain deals grew by 12%, reflecting that Africa's sharp minds are driving valuable developments, particularly in the areas of infrastructure, personal identification, record-keeping, and access to financial independence. The report illustrates that the brilliant mindset, energy, and tech capability of the founders, who are leading the African blockchain revolution, are exemplary to the rest of the world. In addition to the deep capability, a significant reason for the vibrant growth of the African blockchain sector is pure necessity. Many Africans cannot rely on vast, centralized, regulated infrastructural systems. As a result, innovation has a clean slate on which to paint, and progressive advances seem to follow. These advances sometimes improve existing systems, but, more often than not, they are leapfrogging entire legacy systems.

Africa - notable raises by company & country

African blockchain companies with notable raises include Kucoin, MFS Africa, Scroll, VALR, and Carry1st. Seychelles and South Africa accounted for 81% of African blockchain funding. Nigeria is the leading country in terms of the number of blockchain startups funded, followed by South Africa, Seychelles, and Kenya. The Custody & Exchanges category was the highest-funded in Africa with a 52% share, followed by Fintech (24%) and Infrastructure & Development (15%).

Gideon Greaves, MD of CV VC Africa noted “With the potential to create entirely new business models, the African blockchain industry is understandably experiencing rapid growth, with investors readily embracing it. Africa exhibits a magnetic collaborative environment among developers and organizations in the space. This supportive ecosystem drives the industry. Our Report indicates that the transformative potential of this technology for business operations is undeniable. As investors continue to express confidence in the blockchain industry's sustainability and prospects, we anticipate further growth and investment in Africa in the coming years.”

Africa - real-life blockchain utility

The second annual CV VC African Blockchain Report, published in association with Standard Bank, shows that blockchain technology continues to impact Africa to a degree that is unprecedented anywhere else in the world. It demonstrates real-life utility such as in social impact, proptech, tokenization and NFTs, energy, government, and education. The 70-page report presents an all-encompassing view of the region's blockchain landscape, including in-depth funding data, regulatory facts, industry advancements, an investor watchlist, and engaging perspectives from pioneers and leaders within the burgeoning industry sectors.

Africa - the most vigorous blockchain region globally - at 429%, the highest global growth

CV VC’s African Blockchain Report 2022 presents an astute analysis of the African industry in the context of global metrics as well as continent-specific dynamics. Despite facing economic and socio-political challenges, the global blockchain industry broke records yet again in 2022, with a total of 1,828 deals, representing an almost 30% increase from the previous year. Among global regions, Africa emerged as the most vigorous, with blockchain companies achieving the highest funding growth rate of the report’s globally assessed regions. In 2022, African blockchain startups raised an impressive $474 million, marking a staggering 429% year-on-year increase in funding. Combining the sharp increase in blockchain funding with the fact that Africa had the smallest global increase in the number of blockchain deals, yet the only region globally exhibiting increases in all deal sizes, indicates that African blockchain startups are raising larger cheques and investors are gaining confidence. This is against the backdrop that Africa's share of all global funding has risen more than any other region by a considerable margin.

Africa - leads its own development & social impact

This second African Blockchain Report, published by CV VC in collaboration with Standard Bank, also demonstrates that blockchain applications for socio-economic impact are giving Africa the opportunity to lead its own development and act as a fine example to other nations on how to leverage the technology.


Ian Putter, Head, Blockchain CoE&CA Training Office at Standard Bank Group, the largest African bank by assets, said “The Report demonstrates that the surge in the utility of blockchain technology shows no signs of slowing down. We at Standard Bank are embracing the technology to bring about transformation in a regulated and inclusive manner. Blockchain is fundamental to the next iteration of the internet - Web3. We firmly believe Web3 will be the economy of the future and appreciate the function that blockchain technology plays in getting everyone there.”


CV VC Africa - supporting exemplary astuteness

CV VC is a blockchain-specific venture capital company headquartered at the heart of Crypto Valley, Switzerland - the world's most mature blockchain epicenter. It has offices and teams on the ground in Liechtenstein, Africa, Portugal and Germany. Having made 12 African investments and with 3 new African startups in its current Accelerator program, CV VC believes that the impact and utility of blockchain technology are best demonstrated by the acute and proven activities of those using blockchain in Africa to generate trust, transparency, and socio-economic well-being.


Join CV Summit Africa 2023, and discover why African blockchain funding increased by 429% and outpaced global blockchain funding. CV Summit Africa is less about speculation and more about action. It is the first-ever CV Summit in Africa, built on the foundation of the globally recognized CV Summit Switzerland series that brings over 1,000 leaders, innovators, investors, and policymakers together.


CV Summit Africa is a flagship two-day gathering and the place where the utility and impact of blockchain in Africa, as epitomized in the Blockchain Africa Report will be showcased. Join the 30+ speakers, startups, corporates, journalists, and investors set to bolster the socioeconomic impact of blockchain technology, across the CV Summit Africa stage in Cape Town, May 4 &5 2023.

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CV VC