Ahmed M. Amer is a Web3 venture investor and the CEO of Emurgo Africa, the founding entity of the Cardano blockchain. ^[1][2]

Education

Amer received his BA in Economics & Business Administration from The American University in Cairo in 2009. ^[3][4]

Career

Amer began his career as an investment banking associate at HC Securities & Investment from 2010 to 2012, where he developed financial documentation and conducted valuations for major acquisitions. In 2012, he joined Jumia Group as an entrepreneur-in-residence, where he launched a bilingual platform, improved content operations, and optimized delivery logistics. From 2013 to 2015, Amer served as a senior investment associate at Mercy Corps, leading U.S. operations, managing investor communications, and supporting investments in impact startups. He also created an investment advisory committee and led diversity hiring programs. ^[5][6][7]

In 2015, he became a partner at TRANSFORMity Global, where he worked on various projects, including launching Saudi Arabia's first fintech accelerator, integrating blockchain solutions for financial institutions, and developing a portfolio management system for UNICEF. He also led the creation of a sovereign wealth fund in Morocco to support youth and job creation. Amer founded GIFGIF Global in 2016, expanding operations, growing the team, and increasing the company's market presence across the U.S. and North Africa until 2022. ^[5][6][7]

From 2020 to 2022, he was the director at Flat6Labs, leading strategy, innovation, and business development across MENA and GCC and managing regional funds. In 2022, he became the CEO of EMURGO, focusing on expanding the company's presence in Nairobi, Kenya, and continuing his involvement in various entrepreneurial and investment activities. ^[5][6][7]

Interviews

Africa's Crypto

In an interview with TakaDAO, Amer discussed the potential of blockchain and crypto in Africa and Emurgo’s role, starting with his background: ^[8]

“I’m an investment banker turned startup founder turned venture capitalist. I started my career as an investment banker and managed to pull through that. Afterward, I started a company that was later sold, which allowed me to move to the other side of the table and start investing in companies. I then began to focus on more frontier technologies, such as blockchain, AI, ML, robotics, and drone tech. During this time, I invested personal, private, and public money in these areas in emerging markets. In recent years, I've been solely focused on blockchain investment for several reasons. Primarily, I believe in crypto, and my foray into blockchain, as with many people, began through crypto. This opened my eyes to the potential of the technology behind crypto. I started getting involved in areas that, without blockchain, would be very difficult to attain, scale, achieve, or progress.”

He also shared his first encounter with blockchain and crypto: ^[8]

“My first foray into blockchain investment was with a company in Nicaragua that was using blockchain to develop specific IVR solutions and internet connection solutions in very rural areas. It was one of the rainiest places in Nicaragua, and the company had to deal with constant power outages. They used blockchain to store farmers' data so that whenever there was even a brief internet connection, the data would be transmitted immediately through U mesh networks. That was my initial blockchain investment, and I’ve never looked back.”

Later in the interview, Amer shared his thoughts on why governments are hesitant to adopt blockchain: ^[8]

“That's a good question. The hesitation is three or fourfold. One is the approach where people from the crypto or blockchain world are very keen on things being only that, while those from traditional finance, in decision-making roles, want things to be traditional finance and nothing else. There's a gap in the middle between these two directions. In other nations and economies, success has come when these directions come together and integrate what they do best. This integration takes a long time because governments take time to transition to new methods. They have invested heavily in legacy infrastructure, tools, and systems, making it difficult to turn a big ship around.”

“The second reason is that in traditional finance, especially within governments, there is a lack of understanding of this technology, and a significant fear of what it represents. It's often seen as volatile crypto that can make the poor rich and the rich poor, carrying negative connotations. In many countries, people have been jailed or penalized for engaging with it after it was declared illegal or even Haram in some places. Governments have used every tool at their disposal to deter people from entering the crypto and blockchain space, but it's proving to be a sector that can actually benefit these nations. Education plays a crucial role, and we spend a lot of time at MGO working on educating decision-makers and sovereigns to help them see the potential value it can bring to their economies.”

When asked why he chose to invest in Africa’s Web3 industry, he responded: ^[8]

“The reason we chose to invest in Africa is that we observed a lack of activity in the Web3 space there. It seemed as if Africa had been overlooked. We identified a significant opportunity to create a substantial impact while achieving strong returns. We began investing about a year and a half ago and have since made over 60 investments across various industries. We've been active in Northeast, West, Central, and South Africa. The startup landscape in Africa has evolved significantly over the past decade, with numerous unicorn and sizable exits like Flutterwave and Careem. These exits have led to a domino effect, where former employees of these successful companies have started new ventures to address emerging challenges, resulting in a growing number of second and third-time founders continuing to innovate in specific areas.”

He also discussed the risks of investing in Africa: ^[8]

“I think nine out of ten people who have invested in Africa have encountered issues. This is quite common across nearly every asset class, not just venture capital. As with any investment, it is crucial to take precautions and conduct thorough due diligence. We typically avoid investing in first-time founders, preferring those with previous experience, often second or third-time founders. Initially, we found founders through word of mouth—connections from individuals who were already investing or considering investing in them. We were very cautious at the beginning, carefully evaluating potential investments. A common problem with investing in Africa is that many investors use offshore entities, such as Delaware entities, for their investments. This raises concerns about transparency and how funds are managed, as the actual operations and back office are often based in Africa. Consequently, funds need to be transferred from these offshore accounts to the local operations, which can complicate financial oversight.”

“We maintain a strict understanding of cash flow and spending. Typically, funds are held in stablecoins, which can be converted to local fiat currencies used in the respective countries. This makes it relatively straightforward to track, especially when we recommend trusted exchanges with good rates. While it's possible for anyone to falsify information if they choose to, it ultimately comes down to trust. We apply the same precautions and due diligence when investing in Africa as we do in Europe, Asia, and elsewhere, aiming to minimize any potential exposure.”

Emurgo Africa

In an interview with The New Internet Podcast, Amer discussed his background in finance and his transition into blockchain and Web3 technologies. He highlighted Emurgo Africa’s role as the investment arm of Cardano, focusing on blockchain solutions for emerging markets, particularly Africa. Amer emphasized the intersection of AI and blockchain, explaining how blockchain's data capabilities enhance AI processing. He detailed Emurgo Africa’s involvement in building blockchain solutions for financial institutions, sovereign entities, and developing markets, aiming to provide economic opportunities through digital currencies and stablecoins. Amer also touched on regulatory challenges and the importance of education and collaboration with decision-makers to advance Web3 adoption in Africa. ^[9]