Variety of Web3 startups are backed by Adaverse across Africa
Nowadays, virtually everyone is talking about Web3, the third version of the internet that is based mostly on blockchain technology and has given rise to a large number of firms and fans.
There are 15,648 web3 startups in the world, out of which 79 unicorns have emerged, per the Crunchbase web3 tracker.
Despite the growing population of web3 startups, African Web3 startups account for less than 1% of the total number of web3 startups and have raised just about half a billion dollars in funding, compared to $88 billion raised globally.
In October 2021, the Adaverse accelerator was created by EMURGO (parent company of the Cardano foundation) and Everest Ventures Group, a Hong Kong-based venture studio. They started the accelerator to address this imbalance and support blockchain founders in Africa and Asia with funds, mentorship, and tech infrastructure to scale Web3 solutions across the globe.
Over the past year, the $100 million funded accelerator has backed notable African startups such as Zimbabwean-based pan-African freelance marketplace Afriblocks, crypto infrastructure startup Cassava Network, Defi startup Stakefair and 10 other African startups. The accelerator invests between $50,000 and $750,000 in startups.
Over a call with TechCabal, William Phelps, an investment manager at Adaverse, explained how the accelerator invests in African Web3 startups.