70 founders of some of the continent’s most valuable startups have founded Pando DAO, a decentralized autonomous organization (DAO) with a mission to accelerate Africa’s startup ecosystem and drive development across the continent.
According to a report by Business Insider Africa, the DAO has also become an official partner of Silicon Zanzibar, an initiative by that country’s government to turn the island into a hub for startups on the continent.
Introducing Pando DAO
Membership is open to founders of African startups who have raised venture rounds of $2M or more.https://t.co/pBwsOBZz8C pic.twitter.com/ZDujY4xiZ1
— BitKE (@BitcoinKE) October 25, 2022
The founding startups making up Pando DAO include:
- mPharma
- Wasoko
- Pariti
- SunCulture
- Africa Health Holdings
- Stitch
- Marketforce
- 54Gene
- Mara
- VertoFX
- Turaco
- Raise
- Carry1st
- Jetstream
Altogether, these companies, which employ 10,000 people across 15 countries, are valued at more than $2 billion at the moment and have raised more than $500 million in startup funding from investors.
The founders have 3 projects lined up spearheaded by the Silicon Zanzibar partnership:
- Silicon Zanzibar – Re-establishing the island of Zanzibar as a gateway to the African continent
- Pando Africa Fund – a new venture capital fund investing in early stage founders in Africa
- Carbon Initiatives – an initiative to offset the environmental impact of businesses across Africa
Membership to the community is open to African founders who have raised more than $2 million, the DAO’s website indicates. Members also get to mint and hold a Pando membership NFT as well as the $PANDO governance token. New members get their tokens dropped to their wallets and can use these for proposal voting.
In Silicon Zanzibar, PandoDAO will assist the initiative to begin operations as well as create a policy framework to support innovation and the digital economy in Zanzibar. Activities already earmarked under the partnership so far include a hub open to all founders, and a PANDO CEO summit.
Silicon Zanzibar is providing incentives to tech companies including:
- Availability of working space & accommodation at Fumba Town, a new modern eco-town close to the airport
- Work visas for relocating tech workers
- Zanzibar Free Economic Zone incentives including exemption from corporate tax for 10 years
Already, one of East Africa’s leading tech players, Wasoko, which had its headquarters in Kenya, has started to move operations to the island town of Fumba in Zanzibar.
“We believe that through this partnership, we will be able to drive the tech ecosystem in Africa forward, with Zanzibar serving as a key part of that story by attracting tech companies and talent and also developing homegrown companies and talent as well,” said Yacob Berhane, CEO, and Co-Founder at Pariti.
Mudrick Soraga, Zanzibar’s Minister of Investment & Economic Development, concluded:
“We are excited to officially partner with Pando to co-create the policies and initiatives that will transform Zanzibar’s economy. Working with Pando DAO presents us an opportunity to work side-by-side with the leading players in the African tech ecosystem.”
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