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
Tokenized Private Equity Fund Prototype on Cardano
Enter the amount of funding you are requesting in ADA
200000
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'
No Dependencies
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 Deliverables include a developer SDK, reference architecture, smart contract templates, and prototype logic.
Please choose the most relevant theme and tag related to the outcomes of your proposal
DeFi
Describe what makes your idea innovative compared to what has been previously launched in the market (whether by you or others).
The MOREFA Tokenized Fund introduces a private equity structure that has not yet been deployed in emerging markets using Cardano. Traditional private equity in Africa and other developing regions suffers from slow onboarding, limited transparency, restricted access and low trust between investors and fund managers. MOREFA replaces these frictions with a regulated, blockchain enabled investment framework that uses tokenized investor shares, stablecoin based contributions and verifiable on chain reporting. While many blockchain projects claim to unlock real world value, very few offer a complete, regulated investment structure backed by real committed capital and an operational fund management team.
The innovation lies in combining institutional private equity governance with Cardano native assets, automated compliance, non transferable investor tokens, and a full investor reporting suite that mirrors traditional finance standards. MOREFA integrates stablecoin rails, decentralized storage for impact reporting and token weighted governance that reflects real economic rights. It provides a reusable and open source infrastructure so other fund managers can build compliant tokenized funds without starting from scratch. The project is not a concept but an evolution of active private markets activity, backed by real assets, real investors and cross regional legal validation. This represents a practical and scalable model for bringing institutional capital onto Cardano while funding high growth sectors such as African agriculture.
Describe what your prototype or MVP will demonstrate, and where it can be accessed.
The MVP will demonstrate a complete end to end tokenized fund workflow running on Cardano. Verified investors will be able to onboard through a CIP thirty compatible wallet, complete optional KYC verification, contribute USDA or USDM, and receive vesting controlled non transferable investment tokens. The platform will show a live investor dashboard with holdings, NAV updates, contribution status and reporting records. Governance functionality will allow investors to view proposals, vote with snapshot based token weights and see automated quorum and result publication.
Administrative users will demonstrate full operational capability including onboarding approvals, token issuance, compliance controls and access to audit logs. The MVP will also showcase IRIS plus aligned impact reporting stored through Iagon to anchor public data. Testnet transactions, contract repositories, documentation and demonstration videos will be publicly accessible through GitHub, Iagon links and a hosted testnet interface. The entire MVP will be available for community review, testing and feedback before migration to mainnet.
Describe realistic measures of success, ideally with on-chain metrics.
Success will be measured through quantifiable on chain and off chain indicators. The project aims to onboard at least three institutional investors and up to two hundred micro investors during the pilot launch. A minimum of one completed governance vote will be recorded on chain using the platform’s token weighted voting system. Stablecoin contribution volume will reach at least five million United States dollars equivalent based on current investor commitments. All smart contracts will be deployed and executed successfully on testnet before mainnet release, including minting, vesting, distribution logic and compliance controls. The onboarding flow must achieve a ninety five percent transaction success rate, and KYC verification should succeed for ninety percent of applicants.
Please describe your proposed solution and how it addresses the problem
The prototype demonstrates the core mechanics needed for a tokenized private equity model on Cardano. It solves the trust, coordination, and transparency challenges in private equity by replacing manual systems with verifiable smart contracts and tokenized participation.
Instead of building the entire institutional platform, this phase focuses on:
Ownership verification
Stablecoin contribution workflow
Controlled compliance gating
Governance signaling
User-facing display of fund position
This enables Cardano to validate private equity tokenization infrastructure without engaging regulators or handling real capital at this stage.
It creates the technical foundation required before scaling to the full institutional deployment.
Please define the positive impact your project will have on the wider Cardano community
Demonstrates a real-world financial use case beyond DeFi speculation.
Drives early-stage adoption and testing of Cardano stablecoins (USDA/USDM).
Provides reusable open-source components for tokenized fund models, including carbon markets, climate lending, agriculture finance, venture funding, and blended finance.
Positions Cardano as a platform for regulated, compliant financial primitives rather than only consumer-facing crypto applications.
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?
Moravia Capital and RBN have deep experience in investment structuring and technology-enabled fund administration. The team has previously worked with private equity vehicles, institutional governance frameworks, and emerging markets investment structures.
The development partner network includes Cardano-native engineers experienced in CIP-68/721 tokenization, stablecoin integrations, and wallet-based workflows.
Feasibility will be validated through:
Working prototype deployed on Cardano testnet
Closed user testing with 5–15 participants
Successful contribution → mint → dashboard → governance cycle
External review of SDK by at least one ecosystem developer or partner
Milestone Title
Token Model, Specification & Feasibility Blueprint
Milestone Outputs
Functional specification covering:
Token structure (soulbound LP token prototype)
Minting process tied to contribution amount
Whitelist/compliance gating logic
Redemption/burn logic for prototype
Data flow diagram: CIP-30 wallet → contribution → token issuance
Risk assumptions + constraints matrix
Work Breakdown
2 stakeholder workshops
Technical architecture documentation
Acceptance Criteria
Documentation is reviewed and approved by the technical lead, the product governance lead, and an external subject matter expert who provides legal or blockchain compliance oversight to ensure full accuracy and alignment across the project.
Evidence of Completion
The repository includes a dedicated folder containing the token model in PDF format, detailed architecture diagrams that outline the system design, and a comprehensive risk matrix that documents key operational and technical considerations.
Delivery Month
2
Cost
25000
Progress
20 %
Milestone Title
Smart Contract Prototype (Testnet)
Milestone Outputs
Deliverables
Testnet smart contracts implementing:
Mint/burn functions
Whitelist-restricted ownership
Testnet USDA/USDM contribution flow
Token metadata aligned with CIP-68 or CIP-721 hybrid spec
CLI + simple script toolkit for developers
Work Breakdown
Smart contract coding
Unit tests (automated)
Testnet deployment
Initial technical peer review
Acceptance Criteria
A minimum of five unique test wallets must successfully connect, make a test contribution and receive the prototype investor token, with the entire process completing automatically and without any need for backend overrides or manual intervention.
Evidence of Completion
Deliverables include on chain testnet transaction hashes, a full walkthrough demo video, and a GitHub repository containing the contract code, deployment addresses and unit test results provided in either JSON or markdown format.
Delivery Month
5
Cost
60000
Progress
30 %
Milestone Title
Prototype Dashboard (LP View + Governance Signal)
Milestone Outputs
Deliverables
Lightweight web dashboard (MVP)
Wallet connection
Token balance display
Contribution history (from chain indexer)
Mock NAV display (manually input backend value)
Governance simulation:
Single proposal creation module
Vote casting using LP token weighting (signal only;non-binding)
Vote tally UI
Work Breakdown
Frontend development (React/Next.js + CIP-30)
Governance microservice integration
Indexing (Blockfrost or db-sync wrapper)
UX iteration cycle with small test group
Acceptance Criteria
At least ten users must be able to connect their wallets, view their investment position and take part in a governance vote, with the voting results clearly visible to participants and stored immutably for full transparency.
Evidence of Completion
A governance vote record must be stored on chain and easily linkable, supported by a live testnet demonstration video of up to five minutes, along with the published dashboard code made available as open or partially open source.
Delivery Month
7
Cost
55000
Progress
20 %
Milestone Title
Controlled Pilot Test & Iteration Cycle
Milestone Outputs
Deliverables
Pilot onboarding of 5–15 test participants
Structured testing plan including:
Usability testing checklist
Error logs
Performance logs (latency, failed TX, retries)
Iteration sprint addressing bugs and UX improvements
Pilot impact report
Work Breakdown
Pilot coordination
Feedback calls/workshops
Fixes & iteration
Monitoring + analytics review
Acceptance Criteria
≥ 80% of participants successfully complete full workflow:
Onboard wallet
Make contribution
Receive token
Use dashboard
Submit governance vote
All critical bugs resolved prior to final milestone.
Evidence of Completion
Deliverables include a pilot report in PDF format, anonymized survey results with a clear success rate chart, and an updated code push that demonstrates the iteration work completed after user testing and pilot feedback.
Delivery Month
8
Cost
35000
Progress
20 %
Milestone Title
SDK, Documentation & Public Roadmap
Milestone Outputs
Deliverables
“Tokenized Fund Starter Kit” SDK including:
Smart contract templates
Integration scripts
Example UI components (wallet connect, vote, display)
Technical documentation:
API reference
Setup instructions
Deployment sequence map
Roadmap to mainnet-ready, institutional 700k deployment
Work Breakdown
Code packaging
Documentation authoring
Final recorded walkthrough
Acceptance Criteria
The SDK is reviewed by at least one external ecosystem partner, and the review must include documented feedback confirming that the tooling is usable, reliable and suitable for integration within the Cardano ecosystem.
Evidence of Completion
Evidence includes a public GitHub repository with the final SDK, a confirmation of external review, and a launch announcement with a Catalyst proof link that verifies completion and makes the output accessible to the community.
Delivery Month
12
Cost
25000
Progress
10 %
Please provide a cost breakdown of the proposed work and resources
Milestone 1: Token Model & Feasibility Blueprint (25,000 ADA)
Technical specification & architecture design
Governance & regulatory feasibility outline
Documentation and internal review
Research workshops and SME consultations
Milestone 2: Smart Contract Prototype (60,000 ADA)
Development of mint/burn/whitelist smart contracts
Stablecoin (USDA/USDM testnet) contribution flow integration
Testnet deployment and unit testing
Developer scripts and CLI utilities
Initial peer review and refinement
Milestone 3: Prototype Dashboard & Governance Demo (55,000 ADA)
UI/UX development for wallet connection and position tracking
Integration with token metadata and indexer
Governance signaling module (proposal + voting)
Backend services for NAV input and vote processing
Testing, refinement, and technical documentation
Milestone 4: Controlled Pilot & Iteration Cycle (35,000 ADA)
Pilot coordination with 5–15 participants
User testing support and onboarding guidance
Bug fixing, UI improvements, and performance tuning
Feedback analysis and reporting
Milestone 5: SDK, Documentation & Scale Roadmap (25,000 ADA)
Creation of open-source SDK and reusable components
Developer documentation, tutorials, and integration guide
Recorded walkthrough + knowledge transfer
Roadmap outlining pathway to full institutional deployment
Total Budget Request: 200,000 ADA
How does the cost of the project represent value for the Cardano ecosystem?
Why this funding level is justified
This prototype delivers the minimum viable infrastructure to validate tokenized fund mechanics on Cardano using stablecoins, compliance gating, and governance simulation ; without the expense of regulatory formation, audits, or institutional deployment.
It creates an open-source foundation for future RWA, impact finance, and tokenized investment vehicles.
I confirm that evidence of prior research, whitepaper, design, or proof-of-concept is provided.
Yes
I confirm that the proposal includes ecosystem research and uses the findings to either (a) justify its uniqueness over existing solutions or (b) demonstrate the value of its novel approach.
Yes
I confirm that the proposal demonstrates technical capability via verifiable in-house talent or a confirmed development partner (GitHub, LinkedIn, portfolio, etc.)
Yes
I confirm that the proposer and all team members are in good standing with prior Catalyst projects.
Yes
I confirm that the proposal clearly defines the problem and the value of the on-chain utility.
Yes
I confirm that the primary goal of the proposal is a working prototype deployed on at least a Cardano testnet.
Yes
I confirm that the proposal outlines a credible and clear technical plan and architecture.
Yes
I confirm that the budget and timeline (≤ 12 months) are realistic for the proposed work.
Yes
I confirm that the proposal includes a community engagement and feedback plan to amplify prototype adoption with the Cardano ecosystem.
Yes
I confirm that the budget is for future development only; excludes retroactive funding, incentives, giveaways, re-granting, or sub-treasuries.
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.