African Blockchain Lab has obtained a $6 million Pre- Series A investment to help support the launch of its crypto wallet VIBRA, which will help increase digital asset usage in Africa.
A group of international investors led the Pre-A round, including renowned African venture capital firms Lateral Frontiers VC, CRE Venture Capital, and Musha Ventures, as well as international blockchain investors Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital, Despace, and others.
“African Blockchain Lab was founded with a singular mission — to drive the mass adoption of digital assets and blockchain technologies in Africa. With the backing from our strategic investors, we intend to bring world-class tech stacks, projects and innovation to the African continent, starting with our first product VIBRA,” Vincent Li, co-founder of African Blockchain Lab, said.
Vincent Li, co-founder of African Blockchain Lab
Why The Investors Invested
“Crypto adoption in Africa is growing exponentially. In fact, we believe that crypto can realize its potential as a technology and asset on the continent while also deepening financial access to the millions left out of traditional financial services. We have seen the importance of user-experience and community building when adopting new technologies and we are confident in VIBRA’s management team mission of making crypto a mainstream product for African consumers,” Lateral’s Steven Grin said.
“We believe Africa has a generational opportunity to build a more collaborative and inclusive financial ecosystem using decentralized technologies, in which all players are winners. We are excited to partner with the world class team at Vibra to make this happen,” Pardon Makumbe, Managing Partner at CRE Venture Capital
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“Dragonfly has a long history of investing in infrastructure companies for the crypto asset class, from Bybit to Amber Group. We are bullish on the category as trading and investing are typically the first use cases for adoption in any emerging markets, therefore infrastructure companies should be built to facilitate these activities. Over the past years we are starting to see the surge of trading in Africa, but we believe this is just the beginning. VIBRA is well-positioned to deliver a great product for day-to-day African users,” Mia Deng, Partner at Dragonfly Capital, expressed her belief in VIBRA.
“We always believe Africa has a huge potential for crypto trading. And trading is not only an investment action, it’s also based on local demand for payment and currency stability. VIBRA has a great resource of use cases, which can facilitate them deploying in-app crypto trading and payment. We believe they can fulfill their vision of crypto mass adoption,” Managing Director of HashKey Capital, Deng Chao said.
A Look At What The Startup Does
African Blockchain Lab (“ABL”) is a blockchain technology business and the developer of the African crypto app VIBRA, which was founded by blockchain investment firm Everest Ventures Group.
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VIBRA is a crypto social trading software with a focus on Africa. VIBRA provides a simple approach for newbies to study and trade with a community of specialists, allowing Africans to go from zero to crypto master with ease. Developed by a global team of blockchain experts, tech enthusiasts, and investors to address the growing demand for cryptocurrencies in Africa’s emerging economies, starting with Nigeria.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer