In addition to the $20 million, AfricaDAO has also drawn soft support and commitments of up to $105 million from several partners including Polygon and Sythentix.
AfricaDAO’s focus on Web3 in Africa is based on several metrics about Africa:
75% of Africans are younger than 35 years old and 60% are under 25, with a vibrant diversity of cultures of languages totalling over 1.4 billion people
Africa is the fastest growing continent by population over the past 40 years with 15 of the world’s fastest growing cities being in Africa
There are 650 million mobile phone users in Africa surpassing the United States and Europe
By 2020, 46% of the Sub-Saharan population (1.1 billion at that time), which equates to 495 million, were unique mobile subscribers
By 2020, nearly half of all mobile devices were connected to the internet
By 2020, smartphone adoption in Africa stood at 48% and expected to reach 64% by 2025
By 2021, 4G connectivity accounted for 15% of all connections with 150 million 4G users projected by 2022.
4G connectivity is expected to double and reach 300 million connections by 2026.
Nearly 72% of youth aged 15-24 (Over 700 million) own a cell phone
With the above statistics, it is clear that Africa is ready and ripe for massive Web3 adoption. The AfricaDAO investment Fund seeks to utilize its 3-pronged approach to help accelerate Africa into a hub for Web3 innovation.
BitDAO was formed in 2021 to promote the growth of decentralized finance (DeFi) by providing liquidity and grants to projects such as AfricaDAO. The DAO raised $230 million with backing from several high-profile investors including: