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 mentioned. Main the funding spherical have been two Africa-focused enterprise capital companies: Unicorn Development 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 yr. In accordance with a Techcrunch report, the funding spherical was led by two Africa-focused enterprise capital (VC) companies, specifically, Unicorn Development Capital and Launch Africa.
Additionally taking part within the fundraise have been present and new buyers corresponding to Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, and Angellist Ventures. Angel buyers that participated within the spherical embody Rene Reinsberg, Marek Olszewski, and Honey Ogundeyi.
In accordance with the report, the blockchain startup will use the funds raised to bolster its crew in addition to to combine its product choices. The funds will additional be used to assist Bitmama scale up use circumstances 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 government officer at Bitmama, mentioned:
We began Bitmama to make it simple for anybody throughout the African continent to purchase and promote cryptocurrency. However as time handed, we noticed a few use circumstances we may make use of this know-how to unravel.
As per the report, among the cryptocurrency use circumstances recognized by Bitamama embody the acquisition of airtime or paying for utilities utilizing crypto. Additionally, to assist small companies affected by international trade restrictions, the startup mentioned it has availed “digital greenback playing cards for Nigerians to make worldwide purchases.”
In the meantime, Iselema can be quoted within the report suggesting that Bitmama is planning to introduce a “couple of modern merchandise” which would be the first available in the market.
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