Africa Blockchain Lab Raises $6 Million from Pre-Series A Funding

Africa Blockchain Lab, an African crypto business, recently announced that it has raised $6 million in a pre-Series A funding round. A group of global and African venture capital companies, including Lateral Frontiers VC, CRE Venture Capital, and Musha Ventures, led the round.

Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital, and Despace were among the global investors who participated in this round.

The startup is planning to use the capital raised to fund the launch of its crypto wallet known as Vibra.

"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," said Vincent Li, co-founder of Africa Blockchain.

"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," said Pardon Makumbe, Managing Partner at CRE Venture Capital.