GreenHouse Capital and EMURGO Africa signed an alliance agreement to build an investment and advisory platform for fintech and cryptocurrency-focused startups on the continent and the Middle East.

Under the partnership deal, the two firms will co-invest in Web3 and blockchain and fintech startups, they said in a statement on April 26. EMURGO Africa is an unit of Cardano blockchain founding entity EMURGO, while GreenHouse Capital is a leading African fintech investment fund.

More than $5 billion in funding was raised by African startups in 2022, with the fintech sector accounting for a majority and blockchain raising significantly more year-on-year, said Yosuke Yoshida, co-CEO of EMURGO Middle East & Africa. Combined with Africa having the youngest population in the world and one of the world’s fastest rates of blockchain adoption, EMURGO Africa believes these factors will help drive Africa’s technological revolution in the years to come, led by fintech and Web3 technologies, Yoshida said in the statement.

Bunmi Akinyemiju, CEO of GreenHouse Capital, notes: “We’ve been working together for over a year now, co-investing in best-in-class companies such as Busha, ScaleX, and Bitmama. We at Greenhouse are thrilled to be taking our partnership to the next level by solidifying how we work together to drive adoption of Web3/Blockchain and crypto by governments, private enterprises, and individuals.”

The partnership will not only target investment into innovative Web3 projects but offer advisory services to ensure that selected projects grow in the global marketplaces, the two firms said.

-Edited by Shigeru Sato
-Top Photo: EMURGO Middle East & Africa co-CEO Yosuke Yoshida (left); GreenHouse Capital CEO Bunmi Akinyemiju CEO (right)