Last updated 5 months ago
Emerging market private equity faces slow onboarding, poor transparency, and low trust. These frictions limit capital flow and reduce opportunities for investors and local businesses.
Morefa x Laeveld Agrochem: Bringing a $200M agricultural financing ecosystem on-chain, powered by USDA, USDM, and Cardano-native tokenized real-world assets.
Please provide your proposal title
MOREFA :Africa's Tokenized Investment Platform on Cardano
Enter the amount of funding you are requesting in ADA
700000
Please specify how many months you expect your project to last
12
Please indicate if your proposal has been auto-translated
No
Original Language
en
What is the problem you want to solve?
Emerging market private equity faces slow onboarding, poor transparency, and low trust. These frictions limit capital flow and reduce opportunities for investors and local businesses.
Supporting links
Does your project have any dependencies on other organizations, technical or otherwise?
Yes
Describe any dependencies or write 'No dependencies'
USDA, USDM stablecoin integration and liquidity Third-party KYC provider for compliance verification
Will your project's outputs be fully open source?
Yes
Please provide details on the intellectual property (IP) status of your project outputs, including whether they will be released as open source or retained under another licence.
MIT License. Open-source deliverables will include a tokenized fund SDK using Cardano native assets, a modular KYC-gated investment flow, an admin dashboard for fund managers, a token-gated access framework, governance contracts, and complete documentation.
Please choose the most relevant theme and tag related to the outcomes of your proposal
DeFi
Describe your established collaborations.
MOREFA has partnered with Laeveld Agrochem to accelerate the growth of one of South Africas most established agri intelligence businesses. Through this partnership, MOREFA strengthens Laevelds continental reach, deepens its technology stack, and unlocks a new era of data driven agricultural capability. The result is a stronger, more resilient value chain that advances food security across the continent.
Laeveld serves more than eight thousand farming clients across Southern Africa, supported by a wide franchise network, deep agronomic expertise and a comprehensive product portfolio. Its long standing relationships with growers, combined with its technical capability and on the ground advisory model, provide a strong foundation for continued scale and long term agricultural resilience across the region.
Describe funding commitments.
The requested funding will be used exclusively to design, develop, and validate the MOREFA tokenised agricultural investment product on Cardano. This commitment ensures that the foundational infrastructure, token model, technical integrations, and initial regulatory-aligned pilot are successfully delivered before the solution scales.
All Catalyst funds will be allocated directly toward engineering, validation, partner implementation, compliance alignment, and pilot execution not for retroactive work, marketing, speculative activities, or unrelated operational costs.
Describe your key performance metrics.
MOREFA will measure success through verified user onboarding, smart contract completion, stablecoin contribution volume, governance participation, regulatory validation, and open-source adoption. The key targets include onboarding at least three institutional investors, up to two hundred micro investors, processing the first stablecoin contributions on mainnet, completing a verified governance vote, releasing the open-source SDK, and maintaining zero critical audit findings before launch.
A. Technical Delivery Metrics
Smart contracts completed and validated on testnet in accordance with milestone scope
Successful execution rate of the end to end onboarding and contribution process
USDA and USDM contribution flow reliability across regions
Dashboard and governance portal performance meeting financial reporting standards
Platform uptime maintained above required threshold during testing
B. Adoption and Onboarding Metrics
Institutional investors successfully onboarded to the mainnet pilot
Micro investors onboarded using the token gated model
Total stablecoin contribution volume processed
Capital call and token issuance cycles completed without manual intervention
Monthly active investors engaging with the dashboard
C. Compliance and Operational Metrics
Verified investors passing KYC based on the third party provider
Compliance rules executed automatically including restricted transfer enforcement
Number of admin actions completed through the console
Audit log accuracy measured by successful playback and reconciliations
Reporting exports generated without error
D. Governance Metrics
Governance proposals created and completed
Quorum participation rate across eligible investors
Time to publish governance results on chain
Accuracy of snapshot based token weighted voting
Community accessibility of governance records
E. Financial Infrastructure Metrics
Frequency and accuracy of NAV updates
Successful recording of capital call notices and distribution events
Settlement time improvement using stablecoins compared to traditional routes
Variance between simulated and actual fund economic performance during testing
F. Ecosystem Impact Metrics
Number of smart contract interactions performed on Cardano
Stablecoin transaction volume attributed to MOREFA
Open-source SDK downloads, forks and external usage
Number of real world fund models or pilots replicating the SDK
Third party integrations with Cardano DeFi protocols
G. Real World Impact Metrics
African agribusiness projects supported in the first cycle
Number of farmers or enterprises benefiting through Laeveld’s network
IRIS-plus aligned impact report completeness score
Iagon anchored documentation accessibility
H. Security and Risk Reduction Metrics
Critical vulnerabilities remaining after audit
Days taken to resolve major issues identified in audit
Successful completion of stress test scenarios
Reduction in manual operational interventions
Error rate across token issuance and governance processes
I. Regulatory Validation Metrics
Number of jurisdictions reviewed for legal compliance
Completion of multi region SPV legal opinions
Percentage of compliance architecture implemented
Regulator feedback and alignment indicators
Core Success Targets
The project aims to onboard a minimum of three institutional investors and up to two hundred micro investors during the mainnet pilot. It targets processing at least five million United States dollars equivalent in stablecoin contributions. At least one verified governance vote will be executed on mainnet, and the platform must reach zero critical audit vulnerabilities before launch. The onboarding flow should achieve at least a ninety five percent success rate, with KYC verification succeeding for at least ninety percent of investors. System uptime during testing aims to reach ninety nine percent or higher. The open source SDK should be reviewed or tested by at least one external ecosystem team.
Technical Delivery Indicators
All smart contracts required for the MVP must be deployed and functional, meeting one hundred percent of the defined scope. USDA and USDM stablecoin rails must be fully integrated. The complete onboarding flow, including user registration, stablecoin contribution and token issuance, must operate automatically without manual intervention. Compliance controls must reliably enforce non transferability and whitelist rules. The investor dashboard must meet reporting and performance standards expected in institutional finance.
Governance and Compliance Indicators
The system should complete at least two governance proposals on testnet with full end to end functionality. Quorum should consistently reach at least sixty percent participation among eligible voters. Audit logs must be complete and fully replayable. Compliance mechanisms must operate with zero violations, and all reporting exports must be accurate and consistent.
Ecosystem and Real World Impact Indicators
The SDK should be adopted or tested by at least one external project in the Cardano ecosystem. Stablecoin volume processed through the platform should grow over time. Real world agricultural beneficiaries should be recorded and published in the IRIS plus aligned impact report. All documentation anchored to Iagon must remain accessible to the community. Smart contract interaction volume on Cardano should increase as pilot adoption expands.
Please describe your proposed solution and how it addresses the problem
MOREFA Tokenized Fund will provide a regulated, Cardano-native fund structure where Investor shares are minted under a policy script, making them non-transferable and compliance controlled. Stablecoin-based contributions will reduce FX risk and settlement delays. A governance module will allow token-weighted voting using snapshot balances. Impact reporting will be IRIS+ aligned to appeal to institutional and ESG-focused investors. The admin interface will allow NAV updates, registry management, token issuance, and compliance tracking. This model addresses the lack of transparent, efficient, and compliant investment infrastructure for private equity in emerging markets.
Using Cardano smart contracts combined with decentralized data storage via Iagon ensures that MOREFA’s performance data, reporting artifacts, and asset documentation remain transparent, verifiable, and censorship-resistant strengthening trust for investors, regulators, and farmers.
Please define the positive impact your project will have on the wider Cardano community
Showcases a real-world, institutional-grade finance use case for Cardano in multiple growth regions
Provides reusable open-source infrastructure for tokenized fund models
Drives adoption of Cardano-native stablecoins and increases on-chain liquidity
Expands governance utility through a live token-weighted voting system
Builds Cardano’s profile as a platform for compliant, high-yield investment products
We are also in early discussions with leading Cardano DeFi protocols, including Minswap and Liqwid Finance, to explore future integration pathways. These may enable wrapped Investor tokens to participate in DEX liquidity and lending collateral models.
This positions MOREFA as a bridge between institutional capital and Cardano’s DeFi ecosystem, creating future opportunities for secondary liquidity, staking, and real-world yield access.
What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?
The team has delivered Cardano-native tokenization, stablecoin integrations, and regulated investment products in multiple markets. Technical work will be executed by experienced Cardano developers. Legal and compliance partners are already engaged for SPV and KYC readiness. Feasibility will be validated through a mainnet MVP onboarding at least three to five LPs, processing stablecoin contributions, and completing one governance and reporting cycle.
Milestone Title
Legal, Compliance & Fund Governance Framework
Milestone Outputs
SPV legal structure (Africa/EU/MENA scope).
Token classification assessment (security/financial instrument compliance).
Governance model: voting classes, quorum rules, dispute resolution, regulator viewing mode.
Acceptance Criteria
Legal counsel completes the review and approval of the SPV structure and the full token framework, ensuring that the setup meets regulatory and compliance standards. Governance policies and investor rights are formally documented, aligned, and approved by both Moravia and RBN, establishing a transparent and secure foundation for the fund.
Evidence of Completion
Signed legal opinion (PDF).
Governance framework and rights matrix (documentation stored in repo).
Public Catalyst update summarizing legal alignment and governance scope.
Delivery Month
2
Cost
110000
Progress
20 %
Milestone Title
Token Architecture, Smart Contracts & Stablecoin Integration (Testnet)
Milestone Outputs
Testnet smart contracts are deployed to handle minting, burning, vesting, distributions, non-transferability, and compliance locking. CIP-30 wallet onboarding is enabled with KYC status anchored on chain. The contribution flow for USDA and USDM is fully integrated, ensuring a seamless investment process for all participants.
Acceptance Criteria
Verified investors can onboard independently, contribute approved stablecoins, and receive vesting controlled investment tokens without the need for administrator involvement. Compliance rules automatically enforce restricted transferability, maintain required whitelists, and ensure that all investor activity follows the established regulatory framework.
Evidence of Completion
Testnet TX hashes demonstrating onboarding → contribution → token issuance.
Github repository with contract code & documentation.
Video demonstrating full contribution flow.
Delivery Month
5
Cost
155000
Progress
30 %
Milestone Title
LP Dashboard, Governance Portal & Impact Reporting (Testnet)
Milestone Outputs
Functional investor dashboard: holdings, NAV updates, capital call records, returns tracking.
Governance portal supporting proposals, weighted voting, quorum enforcement, and automated vote recording.
IRIS+-aligned impact reporting framework with Iagon anchoring.
Reference metadata, operational documentation, and project reports stored using decentralized storage
Acceptance Criteria
LPs can view their investment data, participate in votes, and access reports without admin help.
Voting logic works fully end-to-end including proposal creation, vote counting, and outcome publishing.
On-chain CID/hash references to Iagon-hosted public documentation and impact verification files accessible to the community.
Evidence of Completion
Governance vote results recorded on testnet.
Impact report generated and published via Iagon.
Demo video showing dashboard + voting cycle.
Iagon CID links + contract reference + public access interface.
Delivery Month
8
Cost
140000
Progress
20 %
Milestone Title
Admin Console & Compliance Engine
Milestone Outputs
Admin console with role-based access, onboarding approval, token issuance, and treasury controls.
Compliance system: reporting exports (CSV/JSON/PDF), freeze/unfreeze controls, and audit log playback.
Acceptance Criteria
Administrators are able to operate every aspect of the fund, including investor onboarding, governance reviews, and all token lifecycle actions from creation to redemption. The system records comprehensive compliance and audit logs that capture each activity in detail, ensuring that permissions function correctly and that all actions remain transparent and verifiable for oversight and reporting purposes.
Evidence of Completion
Admin panel demonstration video.
Exported sample audit logs and regulatory reports.
QA and functionality checklist signed off.
Delivery Month
10
Cost
115000
Progress
10 %
Milestone Title
Security Audit, Stress Testing & Regulatory Validation
Milestone Outputs
External smart contract audit + penetration testing report.
Stress test simulations (governance capture, mass onboarding, capital-call load testing).
Cross-jurisdiction regulatory validation review (Africa/EU/MENA).
Acceptance Criteria
Zero unresolved critical security vulnerabilities.
System withstands stress test thresholds aligned to pilot scale expectations.
Regulatory review confirms system suitability for pilot with real capital.
Evidence of Completion
Final signed audit report.
Stress test report published.
Regulatory validation summary (internal + external legal review).
Delivery Month
11
Cost
90000
Progress
10 %
Milestone Title
Mainnet Deployment, Pilot Onboarding & Open-Source SDK Release
Milestone Outputs
Full system deployed to Cardano mainnet.
Onboarding of minimum 3 institutional LPs and up to 200 token-gated micro-LPs for the first pilot fund.
We currently have commitments from three high-net-worth individuals who are ready to join the pool and support scaling and investment efforts.
Open-source SDK + documentation made available for other tokenized funds.
Acceptance Criteria
Real LPs contribute to the live mainnet vault and receive LP tokens.
At least one verified governance vote executed on mainnet.
SDK successfully reviewed or tested by at least one ecosystem partner.
Evidence of Completion
Mainnet transaction hashes showing onboarding + issuance.
Published SDK documentation and repo link.
Pilot report summarizing onboarding, governance vote results, and platform performance.
Delivery Month
12
Cost
90000
Progress
10 %
Please provide a cost breakdown of the proposed work and resources
Legal & Governance: 110,000 ADA
Covers regulatory compliance planning, multi-jurisdiction legal opinions, and governance framework design.
Necessary due to securities classification, cross-border capital rules, and investor rights structuring.
Core Smart Contracts & Stablecoin Integration: 155,000 ADA
Includes token architecture, lifecycle logic, CIP-30 wallet onboarding, and USDA/USDM rails.
Higher cost justified by compliance gating, vesting, capital call mechanics, and secure settlement logic.
LP Dashboard & Governance UI: 140,000 ADA
Institutional-grade user interface with NAV reporting, contribution records, portfolio analytics, and governance voting.
Significant UI/UX and backend work to meet financial reporting and voting standards.
Admin Platform & Compliance Console: 115,000 ADA
Role-based permissioning, onboarding approvals, audit logs, treasury controls, and reporting exports.
Specialized enterprise development and quality assurance required to meet fiduciary oversight needs.
Security Audit & Stress Testing: 90,000 ADA
Independent smart contract audit, penetration testing, governance attack mitigation, and load simulation.
Mandatory before onboarding live capital to ensure institutional safety and regulatory acceptance.
Mainnet Deployment & Open-Source SDK Release: 90,000 ADA
Deployment of the full platform to Cardano mainnet, onboarding of pilot LPs, documentation, and ecosystem tooling.
Resources allocated to onboarding support, knowledge transfer, and long-term platform usability beyond MVP.
Total Budget: 700,000 ADA
Moravia Capital will provide matching funds to scale the project beyond the MVP, with a dedicated portion allocated to continued development, advanced feature integration, and broader LP onboarding to accelerate adoption post-mainnet launch.
How does the cost of the project represent value for the Cardano ecosystem?
Delivers a live, compliant tokenized fund model that can be replicated across regions. Produces open-source modules supporting stablecoin adoption, on-chain liquidity, and governance features. Balances immediate delivery of a functioning MVP with long-term ecosystem benefits.
I confirm that the lead applicant is a verified legal business entity.
Yes
I confirm that the lead org has a ≥2-year track record, and the consortium collectively has ≥$5M in verifiable annual revenue.
Yes
I confirm that evidence of collaboration with a qualified Tier-1 enterprise is provided.
Yes
I confirm that the proposer and all team members are in good standing with prior Catalyst projects.
Yes
I confirm that the proposal is for mature R&D or integration, not an early-stage concept or core infrastructure.
Yes
I confirm that evidence of a mature product is provided, with a clear integration plan if not already on Cardano.
Yes
I confirm that all key partners, including the Tier-1 collaborator, are clearly identified.
Yes
I confirm that a clear statement of the partner's in-kind or financial contributions is included.
Yes
I confirm that the proposal provides verifiable references (e.g., LinkedIn, portfolio) for key team members.
Yes
I confirm that the proposal includes clear KPIs for adoption (e.g., transaction volume, user growth). Forecast for projected on-chain transaction volume is provided with adequate justification.
Yes
I confirm that delivery is ≤ 12 months with clear milestones.
Yes
I confirm that the proposal includes a co-marketing or community engagement plan to amplify Cardano's visibility.
Yes
I confirm that the proposal budget is for future work only, not for completed tasks. No incentives, giveaways, private treasuries and regranting are included in the budget.
Yes
I Agree
Yes
Managing Partners: Dr. Tomas Vrana-linkedin.com/in/tvrana
Tomas has advised 100+ private equity and investment funds, approximately EUR 15 billion in total value, on structuring and marketing. Tomas is personally involved in raising funds from investors. He has an excellent international network of clients and investors located mainly in the European Union and the Middle East. He has been a part of various high caliber delegations on missions to support the German government, including one to the Middle East, with the former German Chancellor Gerhard Schroeder and one with Germany’s Minister of Economy and Technology, Mr. Michael Glos.
Before Moravia, Tomas was co-founder of ECMG AG (Germany), where he was in charge of corporate finance and private equity advisory services. He worked with Steag AG and participated in the key management development program at Henkel. He subsequently became managing director at GFKL (a subsidiary of Goldman Sachs International). Tomas holds an MSc from the University of Oxford (UK), an MBA from the University of Essen (Germany) and a PhD in economics/private equity from the Carolo Wilhelmina University Braunschweig (Germany).
Pieter Botes-linkedin.com/in/pieter-botes-19458013
(Pieter Botes is an Investment Professional with international capital market experience of more than 20 years. He holds a Bachelor’s Degree in Financial Management and a Master’s degree in Business Leadership and worked globally across investment verticals and geographies for companies like Investec, RMB and Deloitte. Pieter has an entrepreneurial spirit and is the founder of RBN Fund Managers and RBN Capital, African Impact Investing pioneers. Pieter is the initiator of MOREFA, a Joint Venture between RBN and Moravia Capital AG.
Dr. Philip Boigner- linkedin.com/in/pboigner
Philip supports our private markets funds business and global investment banking activities. He has managed capital for sovereign wealth funds, family offices and investment companies with combined AUM of more than $350 billion. He has global experience and a successful track record of executing venture capital, private equity, real estate and fund investments. Philip has a diverse skill set ranging from private markets and alternative assets to innovation, ecosystem building and investment platform design. Before re-joining Moravia Capital as Partner, Philip worked with Moravia Capital from 2006 to 2010 and has been serving as Moravia’s Supervisory Board until 2020.He holds two doctoral degrees and three master’s degrees. His articles have been published in several peer-reviewed journals, Forbes Magazine, the Entrepreneurship Magazine and many others.
Eugene Owusu- https://www.linkedin.com/in/eugeneowusu/
Eugene Owusu is a venture strategist and transformation specialist with a strong focus on driving investment-led growth and scaling ventures across West Africa. He works closely with early and growth-stage businesses to build strategic partnerships, enhance investment readiness, and support cross-border expansion. His experience spans multiple sectors across the region, unlocking value in dynamic and emerging markets.
Eugene completed a one-year master’s-level programme in Organisational Leadership on the Oxford MBA Pathway at Saïd Business School, University of Oxford (Pembroke College). He also holds a Finance degree from Durham University. In addition, he is a Chartered Accountant through ICAS, and has earned professional qualifications from the Chartered Insurance Institute (CertCII) and BCS, The Chartered Institute for IT, where he completed the Certificate in Insurance for IT Professionals (CITIP).
Senior Analysts: Naveen Sharda-linkedin.com/in/naveensharda
(Naveen is responsible for fundraising and maintaining relationships with investors in the Middle East and Asia Pacific. He is also supporting Moravia team in fund structuring, preparing marketing material and other fund documents. Previously, he was working with Edelweiss Financial Services Ltd. (India’s leading diversified financial service company) in corporate strategy, where he has worked on M&A transactions, market entry projects, fundraising and investor relations. He also has experience in buy-side research and risk advisory. Naveen is a Chartered Accountant and has cleared all 3 level of CFA. He is a technology enthusiast and deeply interested in understanding of various business models and their value drivers.)
Analysts: Justin Hanley-linkedin.com/in/justin-hanley-16a3b0175
(Justin joined Moravia Capital as an Analyst. Previously, Justin contributed to the success of a well-known Real Estate Group as a Transactions Coordinator. His experience includes data analysis, projecting future business growth, ensuring precise and strategic budget management, and elevating the team’s efficiency. He holds a BS in Economics and an MBA from John Carroll University in Cleveland, Ohio, USA. Justin’s journey has been marked by a relentless pursuit of knowledge and excellence. He thrives on challenges and continuously seeks opportunities for personal and professional growth, embodying a commitment to continual improvement and success.)
Analysts: Joshua Chesno-linkedin.com/in/joshua-chesno-b5247aa6
(Joshua Chesno has joined Moravia Capital as an Analyst, bringing with him a wealth of experience in the financial sector. With a background in accounting and a proven track record in navigating the intricacies of public-listed companies, Joshua has earned recognition as a skilled senior accountant and analyst. Equipped with a Bachelor of Commerce degree in Finance and Accounting, specialized in Financial Management, Joshua has refined his expertise in meticulous financial oversight. Throughout his career, he has demonstrated a commitment to precision, a sharp attention to detail, and an unwavering dedication to upholding the highest standards of financial integrity and ethics. With his strategic mindset and analytical ability, he is a valuable addition to the team.