Nigeria-based blockchain startup Bitmama has now closed its pre-seed funding round for $2 million, after raising $1.65 million through a pre-seed extension, a report said. Leading the funding round were two Africa-focused venture capital firms: Unicorn Growth Capital and Launch Africa.
New funding to help BitMama grow crypto use cases in Africa
Bitmama, a Nigeria-based blockchain startup, recently closed its pre-seed funding round for $2 million, after it added $1.65 million to the $350,000 it raised in October last year. According to a report in TechCrunch, the funding round was led by two Africa-focused venture capital (VC) firms, Unicorn Growth Capital and Launch Africa.
Participating in the fundraising included existing and new investors such as Adverse, Flurry Ventures, Takedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrique Africa, Thrive Africa and AngelList Ventures. Angel investors participating in the round include René Rainsberg, Marek Olszewski and Hani Ogundei.
According to the report, the blockchain startup will use the funds raised to strengthen its team as well as integrate its product offerings. The funds will be used to help BitMama increase the use cases for cryptocurrencies across the African continent.
Buying and Selling Crypto on Bitmama
In remarks following the announcement, Bitmama founder and CEO Ruth Isalema said:
We started Bitmama to make it easy for anyone in the African continent to buy and sell cryptocurrencies. But as time went on, we saw some use cases that we could use this technology to solve.
According to the report, some of the cryptocurrency use cases identified by BitMama include the purchase of airtime or payment for utilities using crypto. In addition, to help small businesses affected by foreign exchange sanctions, the startup said it has leveraged a “virtual dollar card for Nigerians to make international purchases”.
Meanwhile, Islema is also reported in the report that Bittama plans to introduce “some innovative products” that will be the first to market.
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