After elevating $1.65 million by way of a pre-seed extension, Bitmama, a Nigeria-based blockchain startup, has now closed its pre-seed funding spherical at $2 million, a report has stated. Main the funding spherical had been two Africa-focused enterprise capital companies: Unicorn Progress Capital and Launch Africa.
New Funding to Assist Bitmama Scale Up Crypto Use Circumstances in Africa
A Nigeria-based blockchain startup, Bitmama, just lately closed its pre-seed funding spherical at $2 million after it added $1.65 million to the $350,000 that was raised in October final 12 months. In line with a Techcrunch report, the funding spherical was led by two Africa-focused enterprise capital (VC) companies, particularly, Unicorn Progress Capital and Launch Africa.
Additionally collaborating in the fundraise had been current and new traders reminiscent of Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, 535 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, and Angellist Ventures. Angel traders that participated in the spherical embrace Rene Reinsberg, Marek Olszewski, and Honey Ogundeyi.
In line with the report, the blockchain startup will use the funds raised to bolster its group in addition to to combine its product choices. The funds will additional be used to assist Bitmama scale up use instances for cryptocurrency on the African continent.
Shopping for and Promoting Crypto on Bitmama
In remarks following the announcement, Ruth Iselema, a founder and the chief govt officer at Bitmama, stated:
We began Bitmama to make it straightforward for anybody throughout the African continent to purchase and promote cryptocurrency. However as time handed, we noticed a few use instances we might make use of this know-how to resolve.
As per the report, among the cryptocurrency use instances recognized by Bitamama embrace the acquisition of airtime or paying for utilities utilizing crypto. Additionally, to assist small companies affected by overseas change restrictions, the startup stated it has availed “digital greenback playing cards for Nigerians to make worldwide purchases.”
In the meantime, Iselema can also be quoted in the report suggesting that Bitmama is planning to introduce a “couple of progressive merchandise” which would be the first in the market.
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