Kenyan AI and blockchain startup, Fastagger receives undisclosed funding from Swiss VC firm CV VC to expand its technology in bridging old and new economies, empowering SMEs and accelerating Africa’s prosperity.
Fastagger Inc., a Kenyan-based startup specializing in artificial intelligence (AI) and blockchain technology, recently received an investment from CV VC.
The funding, though undisclosed, will aid in expanding Fastagger’s advanced technology skills in AI and blockchain. The expansion will further facilitate the development of innovative solutions and accelerate the startup’s growth.
The focus of Fastagger on Web 3 and AI ecosystems
Fastagger’s focus on providing innovative solutions created new opportunities for businesses and individuals. In turn, this attracted CV VC to invest in the startup.
The Kenyan startup combines the power of Web 3 and AI, allowing the company to bridge the gap between the old and the new economies. Therefore enabling the acceleration of Africa’s prosperity.
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 aims to empower SMEs and improve their resilience to environmental challenges.
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Milestone investment for the African startup ecosystem
Fastagger’s CEO, Mutembei Kariuki, expressed his excitement about the acquisition. He noted that the investment would help bring Fastagger’s vision to life. The funding marks a significant achievement for Fastagger and the African startup ecosystem.
In addition, Fastagger now stands as the first Web 3 and AI startup based in Africa to receive investment from a firm based in “Crypto Valley,” Switzerland, where blockchain unicorns such as Ethereum are based.
In his speech, CV VC’s Principal & Global Head of Investments, David Long, stated why the firm chose Fastagger. Mainly because the start-up epitomizes the caliber of innovation and talent coming out of Kenya’s Web 3 and AI ecosystem.
Long added that the startup’s funding aligns with the firm’s broader goal of fostering growth and global adoption of blockchain technology. CV VC previously funded African blockchain startups, making Fastagger the latest addition to its worldwide blockchain and Web 3 portfolio.
Fastagger’s Impressive Accolades and Programs
Fastagger Inc. won the Emerging Talents category at the Falling Walls Conference in Berlin. The conference focused on Breaking the Wall of Democratizing Artificial Intelligence.
The start-up forms part of the NVIDIA Inception program on AI innovations and the exclusive Startup with Chainlink program. A purpose-built program that supports Web 3 founders.
Fastagger was also the only Kenyan startup in the 2020 Airbus BizLab Africa4Future program working on AI in Agriculture using remote sensing data.
Recently, Fastagger Inc. won first place at the Germany-based Blockchain Founder’s Group pitch competition. The firm also has partnerships with AJIRA and KEPSA in Kenya to support the digitalization of SMEs in Kenya.
