May 3, 2023

EMURGO Africa’s Adaverse Invests in HouseAfrica



Adaverse, a Cardano ecosystem accelerator in Africa, has announced its investment in HouseAfrica, a prop-tech company that leverages blockchain to digitize and enhance land ownership in Africa. Adaverse joins other prominent investors in this funding round to aid HouseAfrica’s growth trajectory and expansion into new markets.

Adaverse is a joint venture between EMURGO Africa, and Everest Ventures Group, established in 2021 with the aim of identifying and funding promising Web3 solutions in Africa to facilitate digitally-relevant development. One company that is building impact is HouseAfrica, which offers a unique solution to address property ownership challenges in Africa. The investment will be used to expand HouseAfrica’s operations and integrate its solutions with the Cardano blockchain to offer a more efficient and secure means of land registration and property ownership in Africa.

Blockchain To Revolutionise Real Estate Market in Africa

Africa’s real estate market is rapidly growing and evolving, with a current valuation of $15 trillion. It is expected to reach $20 trillion by 2028. While growth dynamics may vary across countries and regions, common obstacles persist. These challenges include high transaction costs, limited access to financing, and a lack of transparency in land ownership, which has hindered investment, particularly from the diaspora. Traditional land tenure systems prevalent in many African countries also make it challenging for women and the uneducated to legally own land, further limiting their economic prospects.

However, there is a growing recognition of the potential of technology, including blockchain, to address these challenges and unlock the sector’s full potential. In Nigeria alone, there is an estimated $900 billion worth of dead capital locked down in lands due to a lack of verification of their ownership, making them non-bankable. Unlocking these lands with highly scalable technology could have a significant impact on the Nigerian economy, potentially increasing the country’s GDP to $1.4 trillion. HouseAfrica aims to build a reliable system of land ownership through its innovative and pioneering features.

HouseAfrica Team

How HouseAfrica Tackles Land Ownership Associated Problems

HouseAfrica’s flagship product, Sytemap, is an ecosystem platform that utilizes blockchain and satellite maps to create more trust and transparency in land transactions. Sytemap offers a complete estate layout, highlighting the location and status of available plots. This platform streamlines land acquisition and processing for buyers, lawyers, real estate companies, and agents. It also empowers digital realtors to safeguard their reputation, while providing real estate developers with a competitive edge that results in a 50% reduction in the sales process.

Nnamdi Uba and Ndifreke Ikpoku, Co-Founders at HouseAfrica

In 2019 Nnamdi Uba and Ndifreke Ikpoku launched HouseAfrica as an effort to use technology to change the negative narrative surrounding real estate investment in Africa. The company has yielded significant results, with over 100 real estate companies issuing more than 5,000 titles to buyers, and over 500 realtors active on the Sytemap website. Popular real estate companies such as Arnold & Associates, Leadway, Uvest, SmartCity, SilverPacific, SandTrust, and Bamboo have leveraged Sytemap’s ease and fast processing automation.

“Many real estate markets in Africa are riddled with middleman complexities, extortion, duplicate land titles, lack of trust, ownership verification, and privacy. We are leveraging Web3 and blockchain to provide immutability of data and eliminate duplicity of ownership. Through our Sytemap platform, we’re able to record landowners’ data and proof of land allocation as NFTs, each with a unique identifier, making it impossible to tamper with,” said HouseAfrica CEO and co-founder Nnamdi Uba.

EMURGO Africa and Adaverse: Supporting Africa to Build the Future On Cardano

HouseAfrica plans to use the recently raised funds towards enhancing its blockchain infrastructure, with a goal to fully migrate onto the Cardano blockchain platform by the end of the fourth quarter. With a focus on asset tokenization and NFT minting, the integration of HouseAfrica’s solutions with Cardano’s blockchain technology is expected to result in a secure and efficient property registry system that can be easily accessed by anyone with an internet connection. This strategic move highlights the company’s commitment to leveraging cutting-edge technology to revolutionize the real estate industry in Africa and provide transparent and trustworthy land transactions.

“Trust and transparency are the pillars of a thriving economy, and HouseAfrica is at the forefront of using blockchain technology to enhance both of these critical elements in Africa’s real estate sector. The integration of Cardano into their innovative solution is poised to take a significant leap forward, and we are thrilled to be a part of this journey to scale their initiative with its tremendous potential,” said Shogo Ishida, co-CEO of EMURGO Middle East and Africa.

“Land ownership is a key factor in a country’s economic growth, providing a foundation for investment and development. HouseAfrica is uniquely positioned to address the challenges of land ownership which will have a profound impact on the lives of millions of Africans, and we are excited to be part of this journey,” said Vincent Li, founding partner at Adaverse.

“This is one of the key aspects Adaverse will focus on, providing technical expertise and advisory services that will help us navigate the resources within the Cardano ecosystem. We look forward to partnering with other Cardano innovators and dApps and to contributing to the growth and development of the Cardano blockchain as we strive to build a thriving Web3 economy in Africa,” said Nnamdi Uba, HouseAfrica CEO, and co-founder.

About Adaverse

Adaverse is a Cardano-focused accelerator that was established through a joint collaboration between EMURGO Africa and Everest Ventures Group, a leading blockchain, and digital asset venture studio. Adaverse aims to build the infrastructure of the projected $139.4 billion African blockchain market by 2028.

Since its inception, Adaverse has invested in strategic partnerships with 30 fast-rising startups across Africa, Asia, and the Middle East, and is looking to onboard more into the accelerator program. Young startups that are building tech infrastructures on Web3 tools are encouraged to apply to the Adaverse Accelerator Program where they can get funding and 1:1 mentorship to help scale their businesses.

Funding Applications are open all year round. Apply here —

Adaverse Official Links

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