Adaverse, a venture capital company established through a joint venture between EMURGO Africa and Everest Ventures Group, has invested in HouseAfrica, a proptech company. HouseAfrica uses blockchain technology to improve land ownership in Africa. Other leading investors have also invested in this funding round to support HouseAfrica’s growth and expansion into new markets. This investment will allow HouseAfrica to increase its operations and incorporate its solutions with Cardano, a third-generation blockchain that will make land registration and property ownership in Africa more efficient and secure.

Adaverse is dedicated to supporting fintech companies that build Web3 infrastructures to facilitate digitally relevant development in emerging economies. HouseAfrica provides a unique solution to address the property ownership challenges in Africa. The investment from Adaverse and other leading investors will provide HouseAfrica with the capital it needs to expand into new markets and integrate its solutions with Cardano.

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The real estate industry in Africa is growing and evolving rapidly. It is currently valued at $15 trillion and is expected to reach $20 trillion by 2028. Despite the varied growth dynamics across the countries and regions, there are still common obstacles to be addressed, such as high transaction costs, limited access to financing, and lack of transparency in land ownership. These factors have hindered investment in Africa’s real estate industry, especially from the diaspora. HouseAfrica aims to address these challenges by using blockchain technology, and its innovative and pioneering features aim to build a reliable system of land ownership.

HouseAfrica’s flagship product, Sytemap, is an ecosystem platform that uses blockchain and satellite maps to create more trust and transparency in land transactions. The 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 stressful sales process.

The CEO and Co-Founder of HouseAfrica, Nnamdi Uba, commented on the use of blockchain, saying that many real estate markets in Africa are riddled with middleman complexities, extortion, duplicate land titles, lack of trust, ownership verification, and privacy. He added that HouseAfrica is leveraging Web3 and blockchain to provide immutability of data and eliminate duplicity of ownership. Through its Sytemap platform, HouseAfrica can record landowners’ data and proof of land allocation as NFTs, each with a unique identifier, making it impossible to tamper with.

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HouseAfrica plans to use the recently raised funds to enhance its blockchain infrastructure, aiming to fully migrate onto the Cardano platform by the end of the fourth quarter. With a focus on asset tokenisation and NFT minting, the integration of HouseAfrica’s innovative solutions with Cardano’s scalable and interoperable 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 revolutionise the real estate industry in Africa and provide transparent and trustworthy land transactions.

Adaverse’s investment in HouseAfrica is poised to have a significant impact on the African real estate industry. The integration of HouseAfrica’s innovative solutions with Cardano’s blockchain technology is expected to provide a reliable system of land ownership, streamline land acquisition and processing, and increase trust and transparency in land transactions. With a focus on asset tokenisation and NFT minting, HouseAfrica’s solutions will enable anyone with an internet connection to access a secure and efficient property registry system. HouseAfrica is committed to leveraging cutting-edge technology to revolutionise the real estate industry in Africa and provide transparent and trustworthy land transactions.

Adaverse HouseAfrica Adaverse HouseAfrica

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard