After elevating $1.65 million through 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 had 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 12 months. In line 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 collaborating within the fundraise had been present and new traders equivalent to Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, and Angellist Ventures. Angel traders that participated within 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 crew 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, 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 instances we might make use of this know-how to unravel.

As per the report, a few of 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 trade restrictions, the startup mentioned it has availed “virtual dollar cards for Nigerians to make international purchases.”

In the meantime, Iselema can be quoted within the report suggesting that Bitmama is planning to introduce a “couple of innovative products” which would be the first available in the market.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively concerning the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

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