EMURGO, the official commercial arm of the Cardano blockchain, announced the launch of a new Cardano ecosystem investment fund. According to a press release published on 27 September, the $100 million fund will invest into early startup and growth-stage companies building socially impactful solutions on the Cardano blockchain.
The fund will consist of two subsidiaries — EMURGO Africa and EMURGO Ventures — each with a distinct investment thesis.
EMURGO Africa will support over 300 regional startups in Africa through seed funding and incubation. The goal of the subsidiary will be to have Cardano adopted as the technological platform standard across the continent, the company said.
EMURGO Ventures will focus on other, more developed markets. It will support the development of the Cardano ecosystem with a set capital allocation for seed investments into startups building DeFi services, NFT projects, blockchain developer education tools, and other dApps on the network.
“We are more focused than ever on accelerating the development of Cardano’s ecosystem with a rich mix of decentralized services catering to a global community that is increasing in overall blockchain awareness,” said Ken Kodama, the CEO of EMURGO. “EMURGO is dedicated to meeting this demand by providing the capital and strategic resources necessary for our portfolio companies to scale rapidly and bring new solutions to Cardano.”
Charles Hoskinson, the CEO of Cardano’s parent company IOHK, said that EMURGO’s investments will help shape the future of the Cardano ecosystem, turning it into a mature network with a creative network and a diverse community.