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Egyptian blockchain startup Elkrem is among 16 companies that have been selected for San Francisco based blockchain venture production studio ConsenSys Ventures‘ Tachyon accelerator. Elkrem is the only African team among the 16.
The current cohort of the Ethereum-focused Tachyon accelerator programme, kicked off last week Friday (7 September) with 16 companies from around the world. The programme will conclude with a demo day on 17 November.
The Egyptian startup develops hardware and software tools for developers to build blockchain connected Internet of Things (IoT) products.
As part of its participation in the 10-week accelerator — the Cairo-based startup which was founded last year by CEO Amr Saleh and CTO Islam Mostafa — received a $75 000 investment from Tachyon.
Elkrem is the only African startup at selected to join ConsenSys Ventures’ Tachyon accelerator
Crunchbase estimates that the investment brings the total funding the startup has raised about $325 000. Earlier this year, Elkrem received $250 000 from a round led by US early stage investment fund Endure Capital, with the participation of 500 Falcons, Flat6Labs and three other investors.
Startup Scene, an Egyptian site that tracks entrepreneurs in the Middle East, reported on Monday (10 September) that the startup will use the capital to fund the global launch of its blockchain development board. It plans to carry out the launch next year through funding platform Kickstarter.
In February the startup was placed first ahead of over 100 other teams at the EthDenver Hackathon held in the US. Check out Elkrem’s Blockchain Development Board below.
Featured image: Elkrem founders at EthDenver Hackathon in February (Lane Rettig via Twitter)