Damex has launched its own VC, Inclusion Ventures, focused on investing into companies that are complementary to the Damex Token Ecosystem, and specialize in financial inclusion and/or health inclusion globally.
Damex CEO, Sam Buxton, said:
“We’re really excited about growing out this part of our business, and as seasoned entrepreneurs in the crypto and payments sector, we are well positioned to identify strong opportunities. We have already made four investments into companies that complement the Damex Token ecosystem, and we are proud to announce some of these in the run-up to our Damex Token launch on April 19.”
Inclusion Venture Limited announced its first two investments this week. A minority investment into a Latin American-focused crypto company Koywe, and a majority controlling interest investment into Tu Progreso, a Latin American-focused lending company that has successfully distributed more than 2,000 loans in its respective markets.
Buxton had the following remarks:
“We met the Koywe Team in Bogota, Colombia last year, and we immediately understood the problem Koywe is solving. It’s huge. Koywe is the first on-ramp/off-ramp fiat/crypto infrastructure company focused on expansion across the entirety of Latin America. This has not existed and has been a barrier to entry for large fintech firms wanting to enter the region with a single turnkey solution. We received an early allocation into Koywe’s seed round, and Y Combinator subsequently made an investment into it too. With Koywe, Damex will be looking to launch its app and Damex token utility across Latam in the next year, with our initial targeted Latin American markets being Mexico, Colombia, Chile and Peru. We also met Tu Progreso’s CEO in Bogota, and I was super impressed with his knowledge in the lending sector and Latin American market. We’ve made a significant investment into Tu Progreso as a foothold in the market, but also as our first steps into lending as a service, which we plan to roll out into our Damex App offering in the future. We are looking forward to creating additional Damex token utility around our future lending services.”
The Damex Group continues to push boundaries, with the recent launch of its retail application in the EEA and United Kingdom surpassing 10,000 fully verified users just three weeks after launch. Plans to roll out in Gibraltar, the United States, Mexico, Colombia, Peru and Chile are scheduled for this year.