StarkWare, an Israeli blockchain infrastructure firm valued at $8 billion, has launched a $4 million fund to support African startups in the pre-seed and seed stages. The initiative aligns with the continent’s increasing adoption of blockchain technology, offering grants of up to $150,000 for early-stage companies. Larger investments will be available for those developing on StarkNet, StarkWare’s decentralized application platform built on the Ethereum blockchain.
The fund will focus on startups across West, South, and East Africa, targeting teams with strong technical expertise and local business knowledge. According to Kheireddine Kamal, Head of Africa Ventures at StarkWare, the company is particularly interested in businesses operating in economies with high inflation, unstable exchange rates, and limited financial inclusion, where blockchain solutions could drive meaningful change.
Selected startups will not only receive funding but also mentorship and potential follow-on investments of up to $500,000. Exceptional projects could secure even larger backing. StarkWare believes that by supporting decentralized applications (dApps) on StarkNet, African businesses can bypass traditional financial constraints while leveraging blockchain’s efficiency and scalability.
With Africa’s population expected to hit 2.5 billion by 2050 and blockchain adoption rising, the continent is seen as a key player in the global digital economy. Consumer and business spending is projected to reach $6.7 trillion by 2030, further fueling blockchain-driven financial innovation. StarkWare CEO Eli Ben-Sasson emphasized that blockchain could help African nations leapfrog outdated financial systems and promote financial inclusivity.
Founded in 2018, StarkWare specializes in zero-knowledge proof systems to address blockchain scalability issues. Its flagship products include StarkEx, a transaction-scaling engine, and StarkNet, a Layer 2 decentralized network that reduces costs and enhances efficiency. Kamal highlighted StarkNet’s potential to expand beyond Ethereum to Bitcoin, a move that could further enhance blockchain’s liquidity and impact in Africa.