The US-based The Digital Currency Group (DCG), a forward-thinking VC firm known for identifying and backing transformative companies in the crypto and blockchain space, has scaled up its activity in Africa, with 12 new investments over the course of 2024.
Located in Stamford, Connecticut, DCG invests in digital currency companies and blockchain startups, providing insights, network, and access to capital to help build and support bitcoin and blockchain companies.
The company, which formerly owned CoinDesk, started investing in Africa in 2021, and has made 23 investments on the continent so far. So far, DCG has deployed more than US$4 million in the region, in Ivory Coast, Egypt, Kenya, Nigeria, South Africa, and Tanzania.
Portfolio companies include the likes of Kashier, TurnStay, Zone, Tappi, Busha. Djamo, Stitch, and NALA, the latter of which received the largest individual amount, around US$2 million in 2022.
Twelve – more than half – of these investments were made in 2024 alone, in nine fintech companies driving financial inclusion and innovation, an AI company leveraging Web2 technologies to enhance productivity with innovative automation tools, and two data companies creating scalable infrastructure for the future.
“Africa is a hotbed for innovation – its startup ecosystem is driving the next generation of global players in fintech, AI, and blockchain. At DCG, we see this as a once-in-a-generation opportunity to support bold entrepreneurs building transformative technologies. With 12 investments this year, we’re doubling down on our commitment to the region’s potential,” said Richard Aseme, DCG’s head of African investments.
