DFS Lab has launched the DFS Lab Stellar Africa Fund I, which will provide funding to promising African builders and teams working to improve the Stellar network and thereby the digital payments industry.
The Stellar Development Foundation has provided funding in order to launch this new fund.
The Stellar Development Foundation (SDF), a non-profit organization that aids in the creation and development of Stellar, is a decentralized, quick, scalable, and especially sustainable network for financial goods and services.
Early-stage investor DFS Lab invests in founders that are generating possibilities for everyone while emphasizing Africa’s biggest economic engines.
The fund combines the open-source Stellar network, which is optimized for payments and asset issuance, with DFS Lab’s years of helping Africa’s top digital commerce innovators.
The mentors from the Stellar Development Foundation and the Stellar ecosystem companies will be available to portfolio founders chosen for investment by the fund, in addition to the staff and community at DFS Lab.
It will expand on prior blockchain bootcamp partnerships between DFS Lab and the Stellar Development Foundation, which helped entrepreneurs and developers in Africa build on the open-source Stellar network.
“We’ve seen developers create Stellar-based solutions for remittance services, digital identity solutions, wallet apps, and other local needs. According to Daniel Casanas, director of investments at the Stellar Development Foundation, “We’ve worked with developing teams across Africa, and we’re pleased to be expanding our collaboration with DFS Lab to support more African innovators.
The new fund will support pre-seed and seed teams creating for Africa, according to Stephen Deng, a partner at DFS Lab.
“Although we are open to all use cases, we will be particularly interested in those that address fiat-crypto conversions and develop cross-continental payments. Both teams who are already familiar with the Stellar platform and those that wish to introduce Stellar into their product roadmaps for the first time will get funding from us. We anticipate making initial investments of up to $100,000, with the potential for additional follow-on investments as teams expand, according to Deng.
Visit the website to apply or for additional information.
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