Nigeria-based blockchain startup Bitmama has closed its Pre-Seed funding round with $2 million after raising $1.65 million from its Pre-Seed expansion, the report states. The funding round was led by his two Africa-focused ventures, his capital firms Unicorn Growth Capital and Launch Africa.
New Funding to Help Bitmama Scale Up Crypto Use Cases in Africa
Nigeria-based blockchain startup Bitmama recently closed a pre-seed funding round of $2 million after adding $1.65 million to the $350,000 it raised last October.According to Tech Crunch reportthe funding round was led by two Africa-focused venture capital (VC) firms namely Unicorn Growth Capital and Launch Africa.
The funding was also attended by existing and new investors including Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa and Angelist Ventures. Angel investors participating in the round include Rene Reinsberg, Marek Olszewski, and Honey Ogundeyi.
The blockchain startup plans to use the raised funds to bolster its team and integrate its products, according to the report. The funds will also be used to help Bitmama scale up cryptocurrency use cases on the African continent.
Buying and selling cryptocurrencies on Bitmama
In a statement after the announcement, Ruth Iserema, Founder and CEO of Bitmama, said:
We started Bitmama to make it easy for anyone on the African continent to buy and sell cryptocurrencies. However, over time, we have seen some use cases that can be solved using this technology.
According to the report, examples of cryptocurrency use identified by Bitamama include buying airtime and paying utility bills using crypto. It also said the startup has utilized a “virtual dollar card for Nigerians to make international purchases” to help small businesses affected by foreign exchange regulations.
Meanwhile, Iselema was also cited in a report suggesting Bitmama plans to introduce “several innovative products” that will be the first in the market.
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