Closing the hype gap: 1M fund catalyzing ‘crypto for good’ projects across the continent
Mercy Corps Ventures is launching a second year of its $1 million Crypto for Good Fund to provide up to ten startups with grant funding and support for blockchain-based pilots.
The hype of blockchain for underserved populations in emerging markets has yet to be matched by reality. While there are some real use cases, most lack a clear baseline and measurable results to build the business and impact case for Web3 technologies.
So, what does this mean for the 1.4 billion adults who remain unbanked and completely excluded from the financial system? What does it mean for the 3.3 billion people whose daily lives are at risk and highly vulnerable to climate change?
Small farmers, low-income communities, refugees, informal workers, micro-entrepreneurs and marginalized women each face different challenges and inequalities that must be uniquely addressed.
Some may not have access to official identity documents, credit history or verifiable income. Some live in informal settlements and may have limited internet connection. Others are on the move, either in search of shifting livelihoods, or fleeing conflict, socio-economic collapse and climate change. Some work or live on land that is rapidly being affected by climate disturbances and degraded by inefficient agricultural practices.
We need tenacious tech-forward startups, careful human-centered design, and a commitment to working in challenging and previously underserved market contexts.
Impact investor, Mercy Corps Ventures, is looking for startups and organizations operating in Africa and beyond that are innovatively using Web3 and blockchain technology to build solutions for underserved populations. Their Crypto for Good Fund aims to close the “hype gap” by identifying and supporting innovative use cases that increase financial inclusion and climate resilience for groups across the continent, proving the scalability and positive impact of blockchain-enabled solutions.
Priority areas of focus include, but are not limited to:
- Access to credit for underbank users
- Nature-based solutions for climate resilience
- Delivery of humanitarian aid
- Transparent supply chains
- Crypto-enabled wallets for underserved users
The fund will provide equity-free grants of up to $100,000 to ten eligible start-ups. Alongside capital, MCV will also offer mentorship, advice on impact measurement, access to partnership opportunities, knowledge exchange and brand exposure.
What do these types of pilots look like in real life? Mercy Corps Ventures has partnered with a number of innovators working across African markets, working with startups such as Empowa, which uses NFTs to run affordable, climate-smart housing for underserved groups in Mozambique, or Ejara, which provides savings for low-income . users in Cameroon through DeFi bond tokenization, and Cinch operating fast and affordable DeFi-enabled credit for smallholder farmers in Kenya.
Applicants must be early-stage startups leveraging blockchain to deliver solutions to underserved populations, have active users and commercial revenue, and be an entity registered and operating in the pilot country. Whether you are just starting to integrate blockchain or Web3 native, we are excited to hear about your pilot proposal.
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About Mercy Corps Ventures
Mercy Corps Ventures invests in and catalyzes venture-led solutions to increase the resilience of underserved individuals and communities. Founded in 2015 as the impact investing arm of the global development agency Mercy Corps, we have backed 41 early stage ventures to scale and raise over $333.9 million in follow-on capital. Our portfolio is 51% female-founded and centers around resilience-building solutions in adaptive agriculture and food systems, frontier fintech and climate-smart systems, enabling those living in frontier markets to withstand disruption and plan for the future. Through capital and support, piloting new approaches, actionable insights and rigorous impact management, we catalyze the ecosystem towards smarter, more impactful investments.
Learn more at www.mercycorpsventures.vc
