Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Round – Africa Bitcoin News
After raising $1.65 million via a pre-seed expansion, Bitmama, a Nigeria-based blockchain startup, has now closed its $2 million pre-seed funding round, a report said. Two Africa-focused venture capital firms led the funding round: Unicorn Growth Capital and Launch Africa.
New funding to help Bitmama scale up crypto use in Africa
A Nigeria-based blockchain startup, Bitmama, recently closed its $2 million pre-seed funding round after it added $1.65 million to the $350,000 raised last October. According to a Techcrunch report, the funding round was led by two Africa-focused venture capital (VC) firms, namely Unicorn Growth Capital and Launch Africa.
Existing and new investors such as Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa and Angellist Ventures also participated in the fundraising. Angel investors who participated in the round included Rene Reinsberg, Marek Olszewski and Honey Ogundeyi.
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 further be used to help Bitmama scale up cryptocurrency use cases on the African continent.
Buy and sell crypto on Bitmama
In remarks following the announcement, Ruth Iselema, a founder and CEO of Bitmama, said:
We started Bitmama to make it easy for everyone across the African continent to buy and sell cryptocurrency. But as time went on, we saw a couple of use cases we could use this technology to solve.
According to the report, some of the uses of cryptocurrencies identified by Bitamama include buying airtime or paying for tools that use crypto. To help small businesses affected by foreign exchange restrictions, the startup said it has deployed “virtual dollar cards for Nigerians to make international purchases.”
Meanwhile, Iselema is also quoted in the report as suggesting that Bitmama plans to introduce a “couple of innovative products” that will be the first on the market.
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