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FUNDING | Cardano Accelerator, Adaverse, Urges Patience as it Fails to Hit its 300 African Startups Investment Target
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.
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.
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.
“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: