Luno’s cryptocurrency exchange has recently introduced Luno Expeditions as an investment arm. Its goal is to invest in global fintech and crypto startups. It will invest in digital assets, as well later-stage businesses starting with Series A or higher.
Annual Funding of More Than 200 Startups
One of Africa’s pioneering cryptocurrency exchanges, Luno, recently announced the launch of an early-stage investment arm whose objective is to back fintech, crypto, and Web3 startups. According to a report, this investment arm, known as Luno Expeditions is estimated to finance 200-300 startups annually.
Techcrunch reported that Jocelyn Cheng is the CEO and will oversee five female Luno Expeditions employees. The report added that Barry Silbert, the founder and CEO of Digital Currency Group (DCG), and Marcus Swanepoel of Luno, will be a part of the new venture capital company’s Investment Committee.
Also in the report, Cheng — who has previously held investing roles at CPP Investments, Bain Capital, and Goldman Sachs — is quoted distinguishing the new venture’s role from that of DCG.
“Luno Expeditions will focus on the group’s early-stage investing in equity and convertible rounds,” Cheng said. Cheng clarified, however that the venture capital firm will still invest in crypto assets as well as later-stage companies beginning from Series A and up.
The CEO opined that there are “very few truly global and very early-stage fintech funds” that are currently operational, hence an opportunity to build one currently exists. There is also a lot of convergence between crypto and some fintechs, she said. Cheng acknowledged that there is still much infrastructure to build.
Still a lot to do in order to build the infrastructure crypto can rely upon. This is why our goal is to help the wider ecosystem. So, what does this mean? We will not invest in any fintech company that doesn’t match our long-term thesis.
The report also stated that Luno Expeditions would invest $50,000 to $250,000 per startup. This equates to annual funding of $15 million to $75 million.
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