Two Nigerian Web3 startups, ClapMi and Konnadex, have each received $20,000 in funding from the Lisk Grant after successfully participating in the second cohort of the Lisk x AYC incubator program. The grant is expected to help the startups scale and enhance their operational capabilities.
Lisk is a Swiss-based, Ethereum layer-2 blockchain platform, founded in 2016. In September, it launched a $15 million fund to support Web3 founders across Africa, Latin America, and Southeast Asia.
In an interview with TechCabal, the Head of Investment, Gideon Greaves, noted that the fund addresses the gaps left by venture capital firms, which have often been drawn to projects with high speculation, as opposed to projects that solve real problems.
Global VCs have become obsessed with speculation. In high-growth markets, the opposite is true. Founders are solving real problems with real utility, and that is where the next unicorns will come from.
The Lisk fund focuses on empowering founders of Web3 projects that have practical utility and address real-world challenges. As part of the fund grant program, Lisk launched an incubator program for startups in Africa, LATAM, and Southeast Asia regions, to be implemented in partnership with local hubs. The Lisk Fund would cover operational costs of implementing the incubation programs, which run for three to six months.
The goal of the incubation program is to help startups refine their business models, prepare for fundraising, and reach the next stage of growth. Graduates of the programme would also secure a $20,000 grant, mentorship, a structured curriculum, and access to a network of developers. In Africa, Lisk runs two incubator programs, in partnership with AyaHQ and CV Labs.
The blockchain firm disclosed that 23 African startups graduated from the first cohort of the incubation program, with a total of $196,000 awarded in grants.
ClapMi Receives $20,000 From Lisk x AyaHQ Incubator Program.
ClapMi is a Lagos-based live-streaming startup that combines Web2 and Web3 to enable creators to host competitions, while viewers show support by sending ‘claps.’ These interactions are recorded on Lisk’s blockchain, with both creators and viewers receiving on-chain rewards.
Clapmi was one of the eight startups selected for the second cohort of the Lisk x Aya HQ Cohort 2 program. The startup addresses the issue of monetization for creators and incentives for viewers, creating a balanced environment for everyone involved.
The grant was awarded following the completion of the incubation program, and it is intended to support product development, expand creator onboarding, and refine existing reward mechanics.
By building on Lisk’s blockchain infrastructure, ClapMi seeks to provide a high-performance and cost-efficient streaming experience designed for African creators and audiences.
Konnadex Lands Lisk x Aya Incubator Program $20,000 Funding
Konnadex is a Nigerian startup building a payment gateway to address slow and expensive commercial transactions through stablecoins and automated workflows.
The startup acts as a bridge between stablecoin and commercial merchants, allowing businesses to accept and move digital currencies across different chains instantly and at a low cost. This would enable merchants to bypass delays and lags often associated with existing fintech systems, allowing businesses to operate more efficiently.
By offering on-chain invoicing, payment links, and automated settlement workflows, Konnadex streamlines stablecoin adoption for businesses across Africa.
Businesses across Africa are already adopting stablecoin as a settlement option; however, the lack of interoperability with existing systems poses a challenge for most merchants. Konnadex addresses this by allowing business owners to connect their private wallets directly to their payment gateways and convert cryptocurrency back to their preferred fiat currency.
Konnadex is one of the eight startups that graduated from the second cohort of the incubator program, and the $20,000 funding is expected to help expand to emerging markets while managing the operational demands of a large-scale payment gateway.
Ugochukwu Okoro, the founder of Konnadex, celebrated this achievement on his X page, noting that Konnadex is leading the future of commerce.
The Future of African Web3 Startups
Practically speaking, $20,000 in funding may be referred to as a decent amount for startups in the initial development stage; however, it is limited for an organization looking to enhance operations and expand into regional and global markets.
Such expansion would often require capital-intensive activities such as the employment of professionals, the development of robust and interoperable Web3 applications, and effective marketing strategies.
To scale beyond the pilot stage and build a sustainable product, ClapMi would have to carefully review its tokenomics and content strategy, while Konnadex would look into strategic partnerships and integration with leading corporations in the fintech sector.
Therefore, the fund may be viewed better as an early endorsement from notable blockchain platforms like Lisk. Lisk is a prominent Ethereum Layer 2 blockchain platform with established technical infrastructure and a network of strategic partnerships and collaborations. An endorsement from Lisk can potentially attract investors, funding opportunities, and wider market recognition.
Additionally, participants will receive ongoing support from Lisk and the opportunity to secure up to $100,000 in additional funding.
The Lisk grant underscores the evolution of the African Web3 ecosystem towards the development of practical solutions that address the unique challenges across the region.
