The US-based Digital Currency Group (DCG), aventure capital firm known for identifying and backing transformative companies in the crypto and blockchain space, has expanded its presence in Africa, making 12 new investments throughout 2024.

Headquartered in Stamford, Connecticut, DCG invests in digital currency companies and blockchain startups, offering insights, networks, and access to capital to help build and support businesses in the bitcoin and blockchain sectors.

Previously the owner of CoinDesk, DCG began investing in Africa in 2021 and has since made 23 investments across the continent, according to Disrupt Africa.

To date, the firm has deployed more than US$4 million in the region, backing ventures in Ivory Coast, Egypt, Kenya, Nigeria, South Africa, and Tanzania.

Its portfolio includes companies such as Kashier, TurnStay, Zone, Tappi, Busha, Djamo, Stitch, and NALA – the latter receiving the largest individual investment of approximately US$2 million in 2022.

More than half of these investments – 12 in total – were made in 2024, spanning nine fintech firms focused on financial inclusion and innovation, an AI company leveraging Web2 technologies to enhance productivity with automation tools, and two data companies developing 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.

Featured image credit: edited from freepik