Swiss Investment Company CV VC Opens its First African Office in South Africa
After having opened CV Labs in Zug, Vaduz (Liechtenstein) and Dubai, Crypto Valley Venture Capital (CV VC) is now opening its first office on the African continent in Cape Town.
The Swiss investment company has been successfully investing in early-stage startups from around the world for two and a half years. These companies develop products, applications, and services based on blockchain technology.
More and more blockchain applications are being implemented across the African continent. According to the 2020 Global Crypto Adoption Index, South Africa, Kenya and Nigeria have the highest rates of crypto and blockchain adoption worldwide. It was highlighted that there is a very high understanding of the potential of this technology in South Africa in particular.
CV VC's goal in Africa, together with partners from the Swiss State Secretariat for Economic Affairs (SECO), the Federal Department of Foreign Affairs and local stakeholders, is to invest in 100 startups that have the potential to tackle the challenges of the African continent over the next four years. The SECO signed a special agreement with CV VC. The joint project aims to support the development of an independent ecosystem in South Africa by transferring know-how and experience from Swiss Crypto Valley to serve as a hub for Africa.
CVVC is seeking to leverage upon the aspirations of the Swiss Government, which is setting a foreign policy focus on its Africa Strategy. "The region is becoming increasingly important, also for Switzerland," says Foreign Minister Ignazio Cassis, referring to Africa's significant political, economic, cultural and scientific potential.
For this reason, CV VC is opening an office in Cape Town in close cooperation with local stakeholders, such as co-working spaces, entrepreneurs, investors, authorities and universities.
“We are happy to start our Africa chapter with an initial foothold in South Africa, a thriving hub for entrepreneurs, developers and creatives and an already well-established startup and technology ecosystem. With the experience and know-how from Crypto Valley, including infrastructure providers, an enabling regulatory framework and our global network, we will be able to accelerate growth for blockchain startups and grow the blockchain ecosystem in all of Africa”, said Mathias Ruch, CEO and founder of CV VC.
CV VC has appointed Gideon Greaves as its new Managing Director Africa, located in Cape Town. "I'm incredibly excited to be a part of CV VC's journey into Africa. Being a leapfrog population, we are in a prime position to adopt this disruptive technology and I believe this continent can lead the crypto and blockchain charge”, commented Gideon Greaves.
In close cooperation with the University of Zurich, the Swiss Embassy in South Africa will establish a blockchain chair at the University of Johannesburg in September, financed in equal parts by Switzerland and South Africa.
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