Adaverse Webinar Recap: Modern Startup Funding

Here is a detailed recap of the Q&A session:

Q- Hello, can you briefly introduce yourself and your team? What is Adaverse all about and why are you here?

A- (William Phelps) Absolutely — Thanks! I’m William Phelps, investment manager at Adaverse, an early-stage investor and accelerator for early-stage African blockchain projects. I’m joined by George Payne, Venture Partner, and Bola Funmilayo, Content Manager.

Q- Can the rest of the team introduce themselves

A- (BolaFunmi) Thank you so much. I am BolaFunmi Adedayo, content and PR manager at Adaverse. It’s great to be here tonight

Q- My question is a bit different from the mainstream model of Adaverse. Taking a look into the Pet rescue by Cardano, what is the lasting time for the barcode on pets? Are rescuers allowed to ask for ADA tip in process of return? Is the rescue process available on a public ledger? are the scan codes physically found on pets? How long can the scan codes last on pets regardless of weather conditions?

A- Whilst I’m not familiar with the specific details of the pet rescue platform, I think the speed and cost-effectiveness offered by ADA above and beyond other chains ensures that for projects requiring quick verification, small-cap transactions and rapid movements of small funds it is the ideal blockchain to build on. I’ll research the pet rescue platform, thanks for raising it!

Q- PARTNERSHIP & COLLABORATIONS are the backbones of making every project more widespread. Can you list some of your partners with us?

A- Our primary partnership comes through our relationship with Cardano. We work closely with EMURGO, Cardano’s venture wing, and are lucky to count the co-CEOs of EMURGO Middle East and Africa as members of our investment committee. This enables us to tap into the wide range of technical support and advice Cardano offers for projects building on their chain.

Q- One question i get people asking all the time is if Adaverse only funds projects built Cardano blockchain? Can you clarify that for everyone William

A- A great question. Whilst we work closely with Cardano and seek to promote Cardano adoption in Africa, it’s not a requirement for funding. Given our ADA-focused knowledge base and partnerships, it’s easier for us to offer guidance and support for Cardano projects, but it’s not a red line if you have a strong platform being built on another chain.

Q- What stages of projects does Adaverse find fit for funding? Do Ideas only projects stand any chance of securing funding from Adaverse?

A- Given the fact that we’re an accelerator and not an incubator, we require at least an MVP to consider investment. Beyond this, traction and revenue are also great features that show the viability of your platform beyond the early stages. However, an MVP is the first requirement.

Q- Can projects built on another language be allowed if pitched for funding by Adaverse? In a case where project is built on solidity, will it be a criteria? since Adaverse Cardano recognised golang better

A- Yes, we welcome conversations with projects built on any chain. However, as mentioned, our specialism is in Cardano and our mission is to promote the use of Cardano in Africa. Hence, it is much easier for us to invest if there is an angle in which Cardano can be integrated — particularly with respect to tokens and tokenisations. Whilst Cardano isn’t always a red line, we look for clear angles that allow Cardano integration and development.

Q- What makes a good pitch deck for Adaverse funding

A- Fundamentally, I think there are 3 main features to any good investment pitch, whether it be on a pitchdeck or face to face:

Q- What is the minimum & Maximum threshold for funding in terms of figures

A- One of Adaverse’s great strengths is our flexibility when it comes to our investment strategy. In terms of ticket sizes, this means we can invest as low as $50k and as much as $750k (and more!). This depends on the nature of the project, both in terms of company outlook and its stage in the business lifecycle.

Q- You mentioned Token based investments, does Adaverse not engage in equity based investments?

A- Given our specialism in tokens and tokenisation, we prefer token-based investments. However, this does not preclude participating in equity rounds. Provided we can get assurance that, if tokens are issued, we can be guaranteed an allocation, we can do both!

Q- What is the expected duration of an Adaverse investment before profit taking commences?

A- Every project is different, so it's hard to give an exact answer. We invest everywhere between pre-seed and Series A, so it’s best approached on an investment-to-investment basis. This is made even more true given the importance tokens play in our investment strategy — considering vesting periods and lock ups etc.

Q- Can you be specific which sectors of the Blockchain space you have helped with funding? And which areas, Adaverse is desiring to fund at the moment

A- We are sector agnostic and have experience across the Web3 space. Broadly, we’ve invested in 6 sectors: proptech, gaming, exchanges, DeFi, NFTs and metaverse. In terms of future funding, we remain open-minded! We prefer not to approach from the perspective of sectors but instead the quality of the idea and the stage of development.

Q- How many projects proposals have you received in total and also be funded

A- We’ve received approximately 300 proposals and have invested in 13, with a couple more planned in the pipeline! However, we aim to have first conversations with as many applicants as possible — providing feedback where we can.

Q- Aside from funding a project, are they other support the team can render i.e technical, structural…..?

A- Support beyond funding is very important: man cannot survive on bread alone! Hence, we’ve carefully developed our 3-month acceleration program to offer personalised plans for founders based around 4 hours per month of one-to-one support, roughly 1 hour per week.

Q- What are the requirements needed for funding a blockchain/Metaverse project built on BscAnd who do we contact and where do we submit the proposal

A- We need to see a potential for Cardano integration, whether that be through multi-chain features or tokenisation. In terms of submitting a proposal, please check out https://www.f6s.com/adaverse-accelerator/apply

Q- Is there any mechanism put in place to recover your funds in case if a project fails to build further or runaway

A- We’re very rigorous when it comes to analysing the nature of a project, its traction, technical basis and team. We don’t invest in projects that are set to fail!

Q- Aside Nigeria that I know of, which other countries in Africa have you extended your funding gestures to. Why the choice to start with Nigeria

A- Globally, we’ve invested in Nigeria, Cameroon, South Africa, Zimbabwe, the USA and Singapore.

Q- From my observation, I discovered that the males have dominated the space even with access to funding. How have you been able to balance the equation with the females. We want discrimination on the gender matters

A — One of the great things about blockchain technology is equity it brings to the table. Everyone is equal on-chain! This is the same when it comes to development and funding. Adaverse are proud to judge all ideas on the merit of their construction, no matter who the founders are. As mentioned, we seek to give as many applications that fit our criteria initial calls and feedback, thereby widening participation to anyone developing in the space.

About Adaverse

This Webinar was organized by Adaverse, a Cardano Ecosystem Accelerator aggregating entrepreneurs, strategists and mentors. We are a Collaborative Initiative between EMURGO and Everest Ventures Group that Supports blockchain founders with funds, mentorship and tech infrastructure to scale solution-driven products in Africa and Globally.

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Adaverse Accelerator

Adaverse Accelerator

Adaverse is a Cardano Ecosystem Accelerator that aggregates entrepreneurs, strategists and mentors building its most robust foundation in Africa.