Adaverse founding partner, Vincent Li, says the macro-economic environment has significantly impacted the Web3 and tech startup ecosystem in Africa, affecting their ability to make investments.
Speaking to a Nigerian publication, Li said that having invested in approximately 40 African Web3 startups across the continent, Adaverse says there is need for patience and is waiting for market growth and founder development in this sector.
He said this in response to a query on the firm’s ambitious target in 2022 to make investments in 300 blockchain startups across the continent in 3 years.
Adaverse Looks to Invest in 300 African Startups in the Next 3 Years @Adaverse_Acc set up operations in Africa in 2021 and has invested in 25 companies in 2022, all in a space of six monthshttps://t.co/5ZY3Qtp43F @Cardano @emurgo_io
— BitKE (@BitcoinKE) November 25, 2022
However, Adaverse, which recently invested $500,000 in UmrahCash, a fintech startup based in Kano, Nigeria, says it has a longer-term commitment to Africa beyond the three years indicated at the time.
🇳🇬FUNDING | #Nigerian Web3 Startup, UmrahCash, Reportedly Secures $500,000 from Adaverse to Transform Fintech for Religious Pilgrims
Nigeria, which boasts West Africa’s largest Muslim population of approximately 90 million, sees tens of thousands of its citizens travel to Saudi… pic.twitter.com/4oJPSmfSKE
— BitKE (@BitcoinKE) September 20, 2024
According to Li, 2025 could have significant developments particularly around regulatory frameworks in Nigeria. The next wave of innovation is expected to center on on-chain data solutions across diverse sectors, driving greater transparency and trust.
He anticipates to see growth in DeFi to address the financial inclusion problem on the continent, GameFi could also unlock new revenue opportunities, while stablecoins will continue their growth to address payment challenges. With its mobile-first markets, Africa is uniquely positioned to become a key hub for blockchain advancements, especially in gaming and decentralized finance.
Adaverse’s fund is open to all projects, even those not building on Cardano, and takes an agnostic approach though there is an obvious preference to grow projects on Cardano.
Cardano Launches Africa Blockchain Incubator with 9 Projects Onboarded #Cardano #cardanofeed #ADA #crypto #cardanocommunity #bitcoin #CoinMarketCap #blockchain #cryptocurrency #cryptonews #btc $ADAhttps://t.co/IDbqsEd23B
— Cardano Feed ($ADA) (@CardanoFeed) April 13, 2022
“While we provide comprehensive support and resources to our portfolio companies, we respect their autonomy in choosing technology solutions. If founders determine that alternative blockchain solutions better serve their business needs, we fully support those decisions,” Li said.
The venture entity for the Cardano blockchain has since then invested in a number of startups, most notably:
- BoundlessPay
- BitMama
- Canza Finance
- Ejara
- Momint
- NestCoin
- Kotani Pay
- House Africa
- FonBnk
- Credable
- Pravica
- Afriex
African Accelerator, @Adaverse_Acc, invests in Nigeria’s 🇳🇬 BoundlessPay to Scale Cross-Border Payments on Cardano Blockchain
Founded in 2021, the startup utilizes blockchain to solve remittance and payment problems.https://t.co/ezDAFR1xZR @boundlesspay
— BitKE (@BitcoinKE) February 2, 2023
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