Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Round

Bitmama, a Nigerian-based blockchain startup, has closed its pre-seed funding round with $2 million after raising $1.65million via a preseed extension. Two venture capital firms with Africa-focused focus, Unicorn Growth Capital & Launch Africa were the leaders of the funding round.

Bitmama to Receive New Funding for Crypto Use Cases in Africa

Bitmama, a Nigerian blockchain startup, has closed its pre-seed financing round at $2million. This follows an increase of $1.65 million to the $350,000 raised in October 2017. Techcrunch reports that the funding round was managed by Unicorn Growth Capital (Africa-focused venture capital) and Launch Africa.

Existing and new investors, such as Adaverse Ventures and Flori Ventures, Tekedia Capital and Greenhouse Capital, ODBA and Five35 Ventures and Chrysalis Capital, Enrich Africa and Thrive Africa, participated in the fundraise. Rene Reinsberg and Marek Olszewski were among the angel investors who participated in this round. Honey Ogundeyi was also involved.

According to the report, the funding will be used by the blockchain startup to strengthen its team and integrate its product offerings. Bitmama will also use the funds to expand its use cases for cryptocurrency in Africa.

Bitmama: Buy and Sell Crypto

Ruth Iselema (founder and chief executive officer of Bitmama) made these remarks after the announcement:

Bitmama was created to make it simple for anyone on the African continent to purchase and sell cryptocurrency. As time went by, we realized that there were a few use cases for this technology.

According to Bitamama's report, cryptocurrency can be used for paying utility bills or purchasing airtime. The startup also stated that it offers virtual dollar cards to Nigerians who want to purchase international goods to small businesses.

Iselema is quoted in the report as saying that Bitmama plans to introduce "couple innovative products", which will be the first on the market.

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By: Terence Zimwara
Title: Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Round
Sourced From:
Published Date: Sun, 11 Sep 2022 08:30:51 +0000

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