After raising $1.65 million in a pre-seed round, Nigeria-based blockchain startup Bitmama has now closed its pre-seed funding round at $2 million, according to a report. The funding was led by two Africa-focused venture capital firms, Unicorn Growth Capital and Launch Africa.
New funding to help Bitmama improve Crypto usage cases in Africa
Nigeria-based blockchain startup Bitmama has closed its pre-seed funding round with $2 million, adding $1.65 million to the $350,000 raised in October last year. According to TechCrunch, the funding round will be led by two Africa-focused venture capital (VC) firms, Unicorn Growth Capital and Launch Africa.
Existing and new investors such as Advers, Flory Ventures, Kadia Capital, Greenhouse Capital, ODBA, Five 35 Ventures, Chrysalis Capital, Erich Africa, Thrive Africa and Angelist Ventures also participated in the fundraising. Angelic investors who participated in the round included Rene Reinsberg, Marek Olszewski and Hany Ogunday.
According to the report, the blockchain startup will use the money raised to strengthen its team and consolidate its product offerings. The funding will also help Bitmama grow the use case for cryptocurrency on the African continent.
Buy and sell Crypto on Bitmama
Following the announcement, Bitmama Founder and CEO Ruth Iselema said:
We launched Bitmama to make it easy for anyone on the African continent to buy and sell cryptocurrency. But as time went on, we saw two use cases that we used this technology to solve.
According to the report, some of the cryptocurrency use cases identified by Bitamama include buying airtime or paying for utilities using crypto. Also, to help small businesses affected by foreign exchange restrictions, the startup said it has used “virtual dollar cards to enable Nigerians to make international purchases.”
Meanwhile, Iselema, as mentioned in the report, points out that Bitmama plans to introduce “a couple of innovative products” that are the first in the market.
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