2024 marked a pivotal year for Africa’s startup ecosystem, characterized by a noticeable retreat of several foreign venture capital firms. Among the notable departures was Adaverse, a Cardano-focused accelerator established jointly by EMURGO Africa — a subsidiary of EMURGO, the official commercial arm of Cardano — and a digital asset venture studio. Known for its mission to identify and scale promising Web3 projects in Africa, Adaverse’s pullback raised questions about its future commitments on the continent.
As 2025 approaches, signals from the firm suggest a renewed commitment to Africa. Adaverse’s ambitious goal of supporting up to 300 African startups over the next three years underscores its enduring interest in the region. “While market conditions have evolved, our commitment to supporting African Web3 startups remains unwavering,” the company noted in a recent statement. Since its establishment in Africa in 2021, the firm has already backed 40 startups across the continent, with an emphasis on projects leveraging blockchain technology to address real-world challenges.
Looking ahead, Adaverse is eyeing several promising sectors:
- On-chain Data Solutions: Innovations aimed at increasing transparency and efficiency in data management.
- DeFi for Financial Inclusion: Decentralized finance initiatives targeting underserved populations.
- GameFi Opportunities: Exploring the intersection of gaming and blockchain to unlock new revenue streams and user experiences.
- Stablecoin Innovations: Addressing currency volatility and fostering cross-border trade.
“Africa’s mobile-first market positions it as a key hub for blockchain innovation, particularly in gaming and decentralized finance,” added Vincent Li, a founding partner at Adaverse. He emphasized the continent’s unique capacity for technological leapfrogging, likening the direct adoption of Web3 solutions to Africa’s rapid transition to mobile technologies in the past.
Adaverse’s portfolio highlights its sectoral diversity and commitment to blockchain innovation. Notably, in 2023, the firm invested $500,000 in UmrahCash, a Saudi-based yet Nigeria-born startup offering blockchain-powered financial solutions for the pilgrimage economy. At its peak investment phase in Africa in 2022, Adaverse allocated up to $200,000 per startup, targeting ventures that combined sector expertise with Web3 innovations.
Despite its promising plans, Adaverse’s renewed African push will face a landscape altered by macroeconomic pressures and shifting investor sentiments. African startups, particularly those in the Web3 space, have navigated a funding environment complicated by global economic uncertainty and skepticism about blockchain scalability. However, the potential remains significant, with Africa’s young, tech-savvy population driving demand for decentralized and innovative solutions.