FUNDING | Out of 4 Early Recipients of the $15 Million Lisk EMpower Fund, 2 Are African Startups

Lisk, a layer 2 Ethereum blockchain, has unveiled the EMpower Fund, a $15 million venture fund targeting post-incubation startups across:

• Africa
• Latin America, and
• Southeast Asia.

The fund is designed to address one of the biggest challenges facing Web3 entrepreneurs in high-growth markets: access to early-stage capital beyond incubation.

Focus of the EMpower Fund

• Support post-incubation Web3 startups with up to $250,000 in funding each
• Prioritize real-world utility use cases with real adoption, not speculation
• Provide hands-on support, including advisory, legal structuring, and investor readiness

Already, the fund has backed several startups including:

• Lov.cash (South Africa) – digital supply chain platform
• Afrikabal (Africa) – agritech startup
• IDRX (Indonesia) – stablecoin project
• SigraFi – financing solution for small gold producers through tokenized loan notes

Emerging markets, particularly in Africa, are often overlooked by mainstream VCs despite delivering 9 – 11% annualized venture returns over the past decade.

However, while this announcement is significant, it comes against the backdrop of previous Web3 funding initiatives in Africa that failed to meet expectations**.** Multiple blockchain grants programs provided or promised early cash injections but did not create lasting infrastructure or viable businesses.

These mixed results have left African founders wary of headline-grabbing funds that fail to provide consistent, long-term support.

Lisk’s fund signals a potentially different model by:

• Backing beyond incubation – addressing the ‘capital gap’ between idea stage and growth.
• Integrating local partnerships – working with incubators in emerging markets for deal flow.
• Providing structured support – beyond capital, startups get technical and operational assistance.

Africa has seen no shortage of Web3 ‘funding announcements,’ but many of them fade after the press release. The real test for Lisk will be follow-through and sustained engagement with African founders.

If successful, the EMpower Fund could provide a template for how to support Web3 growth in underfunded markets – but founders will be watching closely to see whether this fund avoids the pitfalls of its predecessors.

Stay tuned to BitKE updates on Web3 adoption across Africa.

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