Lisk launches $15 million fund to back web3 projects across Africa, Latin America, Southeast Asia

Crypto development platform Lisk is putting $15 million behind early-stage web3 startups in emerging markets, aiming to fund real-world use cases in regions where it says adoption is already widespread.

The new vehicle, called the Lisk EMpower Fund, will provide capital and advisory support to founders in Africa, Latin America, and Southeast Asia — areas often overlooked by traditional venture firms.

Lisk named four startups as early recipients: South African supply chain platform Lov.cash, agritech firm Afrikabal, Indonesian stablecoin IDRX, and gold-linked credit platform SigraFi, according to a release shared with The Block.

The firm argues that venture capital has overlooked a $5.2 trillion opportunity in small and medium-sized businesses across emerging markets, leaving founders underfunded despite strong demand.

Emerging market unicorns The launch comes as U.S. venture capital returns have turned negative, falling 2.7% annually over the past three years, according to Cambridge Associates. By contrast, emerging markets have delivered 9% to 11% annualized private capital returns over the past decade, a gap Lisk says shows where the next growth cycle will occur.

Since 2010, 76 unicorns have emerged from emerging markets — nearly all of them in the last decade, largely in fintech. With mobile wallets and remittances now mainstream, Lisk argues the next wave will be built on web3 rails and stablecoins.

"Global VCs have become obsessed with speculation. In high-growth markets, the opposite is true. Founders are solving real problems with real utility, and that is where the next unicorns will come from," said Gideon Greaves, Lisk’s head of investments, in a statement.

Startups selected for the EMpower Fund can receive up to $250,000, alongside long-term advisory ranging from financial modeling and legal structuring to introductions with global investors.

"Emerging markets are no longer the future of web3; they are the present," said Lisk COO Dominic Schwenter.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures .

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Lisk launches $15 million fund to back web3 projects across Africa, Latin America, Southeast Asia

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