Fastagger Inc, an African AI and Blockchain startup has announced that it has received investment from CV VC, a leading blockchain venture capital firm based in Zug, Switzerland. This marks the first time a Web3 and AI startup based in Africa has received investment from a firm based in “Crypto Valley” Switzerland, where blockchain unicorns such as Ethereum are based.
Mutembei Kariuki, CEO of Fastagger said: “I am excited to share that this investment will be used to further develop and scale our cutting-edge technology expertise that combines the power of Web 3 and AI. Our focus is on providing innovative solutions that utilize the best of both worlds to create new opportunities for businesses and individuals. I am confident that this investment will help us to accelerate our growth and bring our vision to life. Our team is excited to work with CVVC to achieve our mission and make a real impact in the world”.
“This is a major milestone for our company and for the African startup ecosystem as a whole,” added Mutembei Kariuki.
CV VC’s Principal & Global Head of Investments, David Long said of the investment “At CV VC, our mission is to bridge the gap between Web2 and Web3 by fostering the growth and global adoption of blockchain technology. CV VC is excited to welcome Fastagger to our global blockchain and Web3 portfolio and to support the company in its development. Fastagger is the perfect example of the caliber of innovation and talent coming out of Kenya’s Web3 and AI ecosystem, enabling the acceleration of Africa’s prosperity by bridging the gap between the old economy and the new. We are honored to be a part of their journey”.
Fastagger Inc won the Emerging Talents category at the Falling Walls Conference in Berlin, Germany focused on Breaking the Wall of Democratizing Artificial Intelligence. They are also part of the NVIDIA Inception program on AI innovations and part of the exclusive Startup with Chainlink program, a purpose-built program supporting Web3 founders. Fastagger was also the only Kenyan start up in the 2020 Airbus BizLab Africa4Future program working on AI in Agriculture using remote sensing data.
Most recently Fastagger Inc won 1st place at the Germany-based Blockchain Founder’s Group pitch competition and has a partnership with AJIRA and KEPSA in Kenya to support the digitalization of SMEs in Kenya.
Fastagger Inc started operations in Kenya by using data to support the over 90% of SMEs in emerging markets such as Africa that have been and continue to be impacted by climate change. By using AI and blockchain technologies to increase sales and access to finance, Fastagger is bringing customer insight and engagement to decentralize mobile-first retail and onboarding the next billion onto Web3.
CV VC is a global blockchain investor with ecosystem hubs in Switzerland, Liechtenstein, South Africa, Germany, and Portugal. As a private venture capital company, CV VC offers seed funding and an acceleration program to global tech teams in exchange for equity or tokens.