Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Round – Africa Bitcoin News

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. Leading the funding spherical had been two Africa-focused enterprise capital corporations: Unicorn Growth Capital and Launch Africa.

New Funding to Help Bitmama Scale Up Crypto Use Cases in Africa

A Nigeria-based blockchain startup, Bitmama, 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. According to a Techcrunch report, the funding spherical was led by two Africa-focused enterprise capital (VC) corporations, particularly, Unicorn Growth Capital and Launch Africa.

Also taking part within the fundraise had been present and new buyers resembling 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.

According to the report, the blockchain startup will use the funds raised to bolster its workforce 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.

Buying and Selling 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 straightforward for anybody throughout the African continent to purchase and promote cryptocurrency. But as time handed, we noticed a few use instances we may make use of this know-how to resolve.

As per the report, a few of the cryptocurrency use instances recognized by Bitamama embody the acquisition of airtime or paying for utilities utilizing crypto. Also, to assist small companies affected by overseas change restrictions, the startup mentioned it has availed “digital greenback playing cards for Nigerians to make worldwide purchases.”

Meanwhile, Iselema can be quoted within the report suggesting that Bitmama is planning to introduce a “couple of progressive merchandise” which would be the first out there.

Register your electronic mail right here to get a weekly replace on African information despatched to your inbox:

What are your ideas on this story? Let us know what you assume within the feedback part under.

Terence Zimwara

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

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational functions solely. It shouldn’t be a direct provide or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or corporations. doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, instantly or not directly, for any injury or loss prompted or alleged to be attributable to or in reference to using or reliance on any content material, items or providers talked about on this article.

Recommended For You

About the Author: Daniel