Stellar Development Foundation Launches $30M Fund to Support Startups in Early Stages
Non-profit organization Stellar Development Foundation (SDF) has just launched a $30 million fund to support blockchain-focused projects in the early stages.
The new fund is part of the Enterprise Fund structure from SDF, a venture branch that invests in startups in the Stellar ecosystem. According to the statement made by the company:
“The Stellar ecosystem is working to address issues such as inflation, affordable remittances, and the high cost of capital.”
The first investments of the fund will be made into cross-border payment platform Trace Finance, payroll service Bitwage, Afriex, a blockchain payment application targeted at users from Nigeria, Ghana, Kenya and Uganda and NFT project Fanvestor, which uses the crowdfunding model.
Denelle Dixon, SDF’s CEO and Executive Director, has said:
“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.”
