A blockchain infrastructure company in Israel called StarkWare, that is valued at $8 billion, has introduced a $4 million fund to support pre-seed and seed-stage startups in Africa as the continent experiences increasing blockchain adoption.
The Africa-focused fund will offer grants of up to $150,000 for early-stage startups, with larger investments available for projects leveraging StarkNet, StarkWare’s decentralized application platform built on Ethereum. It aims to support high-potential startups across West, South, and East Africa, prioritizing teams with strong technical expertise and local business insight to develop scalable blockchain solutions.
“We are seeking projects in African countries with economic challenges like high inflation, unstable exchange rates, or limited financial inclusion, where there is a growing interest in blockchain,” said Kheireddine Kamal, Head of Africa Ventures at StarkWare.
Selected startups will also receive mentorship and may qualify for further investments from StarkWare, potentially reaching $500,000, with higher amounts available for standout projects. By backing decentralized applications (dApps) on StarkNet, StarkWare aims to help African businesses bypass traditional financial constraints while benefiting from blockchain’s efficiency and scalability.
With Africa’s population expected to hit 2.5 billion by 2050 and crypto adoption rising rapidly, the continent is emerging as a major digital economy. Consumer and business spending in Africa is projected to reach $6.7 trillion by 2030, driving further blockchain adoption.
“Blockchain offers Africa a chance to leapfrog outdated financial systems and enhance access to decentralized and transparent financial tools,” said Eli Ben-Sasson, StarkWare’s CEO and co-founder.
Founded in 2018 by Eli Ben-Sasson, Uri Kolodny, Michael Riabzev, and Alessandro Chiesa, StarkWare specializes in zero-knowledge proof systems to address blockchain scalability issues, particularly on Ethereum. Its key products include StarkEx, a scaling engine launched in June 2020 that optimizes transaction costs and energy efficiency, and StarkNet, a decentralized Layer 2 network introduced in June 2021 that enables cost-effective and scalable dApps.
“StarkNet presents an exciting blockchain solution, as it currently operates as a Layer 2 over Ethereum and has plans to integrate with Bitcoin,” Kamal explained. “For Africa, this ‘scaling squared’ model could also mean a ‘liquidity squared’ advantage.”