Here are the 3 African Startups Among 9 Participants in Batch 5 of CV VC’s Blockchain Accelerator

CV Labs, the blockchain venture capital firm of CV VC international ecosystem builder, is currently running the 5th batch of its blockchain accelerator with 3 out of the 9 blockchain startups participating being from Africa.

According to a report in Switzerland, the startups are drawn from 60 countries and were selected to join Batch 5 based on the impact and utility of their solution.

Each participant in the CV Labs Accelerator will receive up to US$135,000 in capital, access to other funding opportunities, personalized mentorship, and tailored growth strategies designed for blockchain entrepreneurs.

In addition, participants will have access to the resources of the broader Crypto Valley ecosystem, considered to be the most established blockchain hub worldwide, with over 1,000 entities operating within a highly favorable regulatory environment. Numerous entities are situated in CV Labs’ state-of-the-art office space.

“Here in Crypto Valley, the home of Ethereum, we have over 6,000 people working in blockchain, not only creating new financial models, but better ways of interacting and transacting across multiple industries, generating greater efficiencies for society. We are very excited about all participants and are honored that we will be joined by teams from Africa where the deeply transformative capacity of blockchain is palpable, daily.”

Janis Aquilar, Ecosystem Manager at CV Labs.

The following are the three African startups participating in Batch 5, including their problem statements and solutions:

1.) Ivory Pay (Nigeria)


Problem – Cross-border payment in Africa is still one of the most expensive in the world costing an average of 8- 10% of the value of each transaction.

Solution – A payment gateway for African businesses that enables payment in stable crypto across borders at cheaper fees and without FX restrictions.

2.) Nyayomat (Kenya)


Problem – Micro merchants need credit access to purchase products.

Solution – Working capital support technology through smart contracts executing transactions, enabling merchants to access product capital and repay partners as they make their sales.

**3.) Web3 Sanctuary (**South Africa)


Problem – Scarcity of skilled Web3 developers

Solution – Online training platform to teach software developers how to code for Web3 applications and assist them in getting placed in Web3 developer roles

Outside of Africa, the rest of the startups in the accelerator include:

• Fungies (Poland & USA)

• Zero-Code **(**Estonia)

• Coala Pay (USA & Australia)

• Pyrpose (Switzerland)

• GalaxyX (USA)

• Colecti (Netherlands – sponsored by Lisk)

The accelerator program started on March 27 2023, and will take place for a duration of ten weeks at the CV Labs accelerator space in the city of Zug, Switzerland.