The Stellar Development Foundation (SDF) has announced the launch of a $30 million fund to power startups leveraging blockchain technology.
According to its press release, SDF’s new Matching Fund will take a “novel approach” by co-investing alongside investors globally. The fund will match investments raised from a lead investor up to $500,000 for pre-seed to Series B companies. The release claims SDF will focus on projects that are building on the Stellar blockchain by providing new opportunities for early-stage companies to augment their existing fundraising efforts.
Track live crypto price of 10000+ coins!
Andrea Lo, SDF’s Head of Investments, said of the new fund:
“The Matching Fund is a way for SDF to promote early stage experimentation for real-world use cases that provide value to more consumers. In 2022, we’re putting our funding behind more innovators in geographies that need blockchain-powered solutions.”
The Fund’s first four investments were announced as apart of the release, supporting a range of companies working on diverse markets and use cases, including payroll solutions in Latin America and remittance in Africa.
Denelle Dixon, SDF’s CEO and Executive Director, had this to say:
“We need to be more nimble and inclusive in order to truly build an industry that reaches more people with better access to financial services. The way we choose to fund and support companies in their early days is a big part of that, and at SDF, we are very intentionally building out and incentivizing investments in real use cases of blockchain that help everyday people. We invite companies to apply and see how Stellar’s dynamic global ecosystem can support your growth.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Download MAXBIT Android App, Your best source of all crypto news!
Share this article: